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    Works on display at Art Dubai<br> <br>Art Dubai, the Middle East’s largest annual contemporary art fair, has featured for the first time digital works, as the wealthy Gulf emirate seeks to position itself as a crypto-assets hub.<br> <br>This year, 크리에이티브랩 in its 15th edition, 크리에이티브 연구소 the three-day fair hosted more than 100 local and foreign art dealers, with an entire wing of 17 galleries and platforms dedicated to showcasing and selling NFTs, or non-fungib<br><br>ns. NFT sales platforms use the blockchain technology behind cryptocurrencies, and transform anything from illustrations to memes into virtual collectors’ items that cannot be d<br><br>ed. Benedetta Ghione, Art Dubai’s executive director, said NFTs, which burst into the mainstream last year and are now traded at major auction houses, have drawn a lot of attention in the United Arab Emirates, already a leisure and bu<br>ss hub. Painting by British artist Marc Quinn (‘Himalayan Spring’) The increased interest, along with Dubai’s “unique position” as “a growing crypto hub”, prompted fair organisers to dedicate a new digital section, she told AFP at the launch <br><br>ay. “We thought this was the perfect time and the perfect place,”<br><br>id. After signing an agreement in December with Binance, the world’s largest cryptocurrency exchange by trading volume, Dubai — one of the seven emirates that make up the UAE — introduced last week a new virtual assets law and a regulatory authority to oversee t<br><br>or. – ‘Growing expone<br><br>’ – Dubai’s ruler Sheikh Mohammed bin Rashid Al-Maktoum tweeted that such a step “establishes the UAE’s position in this sector” and aims “to ensure maximum transparency and security for i<br><br>s”. Local NFT platforms have welcomed the move as good for business, with crypto holders increasingly interested in digital art as a form of <br>stment. Art Dubai, the Middle East’s largest annual contemporary art fair, featured for the first time digital works, as the wealthy Gulf emirate seeks to position itself as a crypto-assets hub “The crypto community is growing exponentially,” said Jennifer Stelco, of NFT curatorial platform Morrow Collective, which exhibited about 20 digital artworks at the show, nearly all of them by UAE-base<br><br>ts. Among them is a piece by Vesa, a renowned Finnish mixed media artist based in Dubai, whose artwork combining painting and digitally-retouched images went on offer for 50 ethereum (cryptocurrency), or about $127,000 at Sunday<br><br>es. Stelco said that one piece, by Lebanese artist Magda Malkoun whose main work depicted her hometown Beirut, was sold for three<br><br>um. The global NFT boom, with US artist Beeple selling an artwork at a record-breaking $69 million last year, has encouraged the Middle East’s first online platform, Emergeast, to turn to di<br><br>rt. Established in 2014 and dedicated to emerging artists from the region, Emergeast sees NFTs as an opportunity for artists to “really expand” their audiences, 크리에이티브랩 reaching both collectors and non-collectors, co-founder Nikki M<br><br>old AFP. “The benefit also is that all the artists get royalties for every sa<br><br>e added. Faced with the NFT hype, Emirati sculptor and painter Aisha Juma started reworking some sketches on a tablet a few months ago, although she stresses the importance of the art’s message o<br><br> medium. “There is complexity because now people are interested in the medium… in the technol<br><br>he said. “The technology is extremely valuable. It gives me a platform to express more and to use more tools, I am not denying that, but I would also love people to look at the art, at wh<br> am saying.”

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