The Commercial Bank of Dubai (CBD) is hosting an art exhibition on non-fungible tokens (NFT) at its digital lab at the Dubai International Financial Center, in partnership with United Arab Emirates-based NFT artist Amrita Sethi, who tells the story of the bank’s development over the past half a century, Gulf News reported on Monday (December 27).
The story traces the history of Deira’s clock tower and its connection to the bank’s headquarters, with a focus on how the bank will remain an innovation leader in the region, according to the report.
Visitors to the exhibition can scan the QR code embedded in the artwork to trigger the augmented reality feature that allows them to enjoy and “see sound” through Sehti’s art. Each limited edition piece comes with an NFT digital twin.
“We are delighted to celebrate the historic Golden Jubilee of the UAE by hosting a unique NFT art exhibition that talks about the country’s remarkable rise and achievements in just half a century,” said Bernd van Linder , CEO of CBD.
“In addition, I am proud to be able to showcase the parallel growth of CBD during this same period. The UAE has made great strides in becoming a global hub of technology and innovation. CBD has supported and will continue to support the United Arab Emirates on this journey ”, he said.
Commercial Bank of Dubai is “proud to be able to provide a platform to showcase one of UAE’s top artists in our digital lab and to provide art lovers, tech enthusiasts and the community at large a unique chance to discover NFT Technology, ”he added.
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PYMNTS reported that most of NFT’s purchases in the first 10 months of 2021 were under $ 10,000, and cryptocurrency holders spent over $ 27 billion on NFT-related Ethereum contracts. Still, NFT purchases between $ 10,000 and $ 100,000 represent 20% of NFT transactions, and this percentage is expected to continue to increase.
To narrow this down, consumers paid $ 65 million for NFTs at Sotheby’s and $ 100 million at Christie’s this year.