Saudi Princess Reem Al Faisal says that non-fungible tokens (NFTs) are a new way for artists to show their work to a wide range of people.
Princess Reem Al Faisal says that NFTs are a natural step in the evolution of art that allows artists to reach people from different races, cultures, and places. He also says that NFTs have done what decentralized finance (defi) has done to finance. They have “decentralized art,” he says.
In the past, there have been reports that the Saudi princess had launched her first NFT as well as the first virtual exposition of Saudi art made with NFTs. For more than 30 years, photographer Al Faisal had sold her work on the NFT market, Opensea.
The Saudi princess said that she was surprised that people didn’t see NFTs as a new way to show art when they first came out. “She said:”
“People make a lot of fuss about it [NFTs] but I don’t understand why they are so shocked that people go into NFTs, specifically artists and specifically photographers. It’s the next medium of artistic expression.”
NFTs, on the other hand, have been attacked by critics who say the tokens are being used to hide money. This is despite the fact that they help artists. The Royal United Services Institute (RUSI), a British security and defence think tank, seemed to back up the claims when it said that NFTs could be used to help money laundering schemes work better.
However, in an interview with Bitcoin.com News, Al Faisal said that she will keep up with the changes in the industry.
“It’s that world of the blockchain, the metaverse and I want my work to be exhibited on that world,” Al Faisal explained.
An Important Change in Finance
The 56-year-old princess Al Faisal told Bitcoin.com News that she has always been interested in the blockchain, which she says is now a part of everyday life in Saudi Arabia. She also said that NFTs are a good idea. A company called Dar Al Saaed already does business with blockchain. It’s not just the blockchain Al Faisal likes. She also likes cryptocurrency, which she calls “the most amazing technology.”
Al Faisal says that the Kingdom of Saudi Arabia, unlike some of its Gulf Cooperation Council (GCC) neighbours, hasn’t yet formally adopted cryptocurrencies like some of its neighbours. The Saudi government “will probably regulate cryptocurrency and let people use it freely because it has shown itself to be an important evolution in finance,” she says.
Al Faisal also said that some people in Saudi Arabia believe that the kingdom, which said that cryptocurrencies were illegal, will one day allow them to be used freely. “She said:”
“Saudi Arabia has always adopted the most advanced thing it can find. It has adopted anything new and since cryptocurrencies are still new there is an expectation that these too will be adopted.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.