NFT (non-fungible token) players are now focusing on the green energy and green housing markets in the UAE. Top blockchain enterprises like Qlindo are placing ambitious expansion bets on the nation.
One of the core appeals for NFT companies in the UAE’s green sector, dubbed one of the world's largest construction hubs, is the long-term legislative efforts in place. Efforts as such with milestone objectives to reduce carbon emissions and boost renewable energy.
The UAE’s strong real estate transaction reporting regulations create a more transparent and secure environment. The UAE is one of the first nations to introduce real estate reporting requirements involving virtual assets making its real estate sector an attractive market for blockchain enterprises.
IMPLEMENTATIONS OF NFT AND BLOCKCHAIN TECHNOLOGY IN UAE REAL ESTATE
Certification, measurement, and control are key factors in determining if a building is genuinely green among many other approaches. Blockchain technology, also known as DLT (Distributed Ledger Technology), provides a definite advantage in this situation. NFTs in this case can be used for authentic and transparent certification among other applications. If done properly, decentralization has the characteristics to result in new funding and incentive models for developing greener homes. Qlindo is an example of a blockchain-based company that is doing just that.
The decision of Qlindo to join the UAE market, according to the company's founder Farbod Sadeghian, was an obvious one. It is based on Qlindo's view that the green energy and green real estate sectors have enormous development potential in the UAE and the broader GCC markets.
In the design of future homes that prioritize people and their well-being, blockchains can help to provide optimal solutions. They can play a key role in monitoring and thereby limiting carbon emissions for example. Given that the construction sector is responsible for 38% of global carbon emissions, this is extremely significant. That is more than double all transportation emissions, thus this sector requires major reform.
With a goal of net zero emissions by 2050, the UAE is home to some of the world's most sustainable initiatives in green building and renewable energy. So, the increasing adoption of blockchain technologies and NFTs alike is likely to continue its upward trajectory.
EMERGENCE OF THE METAVERSE IN UAE REAL ESTATE
Dubai also has strong ambitions to expand its digital sector. A core component of this ambition includes a metaverse strategy. This aims to bring 40,000 new jobs and $4 billion to the local economy.
The first metaverse houses in the MENA region are also expected to debut this year thanks to Dubai-based Union Square House (USH). The program is being launched at a time when Web3 use is accelerating in Dubai's governmental and private sectors. Equally, Non-Fungible Tokens (NFTs) are becoming increasingly popular in Dubai, claims USH.