The Dubai Police announced the release of the first NFT collection, which included 150 free non-fungible tokens. The collection symbolizes the values of innovation, safety and communication.
Both residents of the country and foreigners living outside the United Arab Emirates will be able to become owners of digital assets. They can be shared with friends and on pages in social networks.
Non-fungible tokens are built on the blockchain and cannot be counterfeited or copied. These digital assets contain information about their creator and owner.
The Dubai Police became the first government agency in the UAE to issue digital assets and the first police organization in the world to carry out this initiative.
The NFT trend – a unique combination of art, technology and commerce – has burst into the mass consciousness, practically shifting the focus away from the pandemic, hyperinflation and vaccination. New players appear in this segment every day.
According to DappRadar, NFT trading volume will exceed US$ 24 billion in 2022 alone (against US$ 100 million last year), and by 2025 the industry will grow to US$ 80 billion.
Any digital asset can become a non-fungible token – from an image, video, musical composition to a tweet or a short text message. NFTs will be used as building blocks in the next iteration of the Internet, called Web 3.0 or Web3.