NFT Sales Exceed $101 Mn In 2022, Crypto To Play ‘Major Role’ In UAE Trade, Says Minister Al-Zeyoudi

UAE minister of state for foreign trade Thani Al-Zeyoudi predicts cryptocurrency’s “major role” in the country’s international trade. In an interview with Bloomberg on the sidelines of the World Economic Forum on January 20 in Davos, Switzerland, Al-Zeyoudi presented UAE’s trade partnerships and policies.

Commenting on the crypto sector, the minister said “cryptos will play a major role in UAE’s trade”. He called for global governance of cryptocurrencies.

Al-Zeyoudi said as the UAE develops its cryptocurrency regulatory framework, the emphasis will be on turning the Gulf nation into a global crypto hub with adequate safeguards.

“We started attracting some companies to the country with the aim that we’ll build together the right governance and legal system, which are needed,” he said.

El Salvador’s Cryptocurrency Exposure is Minimal, Says Official

Despite being the first nation to accept bitcoin as a legal currency, El Salvador’s exposure to cryptocurrencies, such as bitcoin, is negligible, according to Dante Mossi, chairman of the Central American Bank for Economic Integration (CABEI), Investing.com reported.

Prior to a bond payment due in late January 2022, the multilateral lender gave El Salvador $450 million in December 2022. It is significant that the bank has aided the nation by supplying the majority of the money required for debt repayment.

NFT Sales Exceeds 101 Million In 2022: Report

According to a DappRadar research on blockchain and decentralised application (DApp) growth in 2022, NFT sales hit $101 million last year, an increase of 67.57 per cent from the year before.

In the NFT market, Ethereum dominates with 21 per cent share and more than $21.2 million transactions, followed by Wax ($14.5 million), Polygon ($13.3 million), and Solana ($12.9 million). Solana and ImmutableX’s transaction volume rose by 440 per cent and 315 per cent, respectively, from the prior year. BNB saw around 1 million transactions in 2021 and 2022.