Bitcoin News and Finance
Saudi Arabia Princess on NFTs: ‘They Are the Next Medium of Artistic Expression’ Skip to main content

Saudi Arabia Princess on NFTs: ‘They Are the Next Medium of Artistic Expression’

Non-fungible tokens (NFTs) are a new medium of artistic expression that gives artists the freedom and the ability to reach a diverse audience, Saudi Princess Reem Al Faisal has said.

Decentralized Art

According to the Saudi Arabian princess, Reem Al Faisal, NFTs are a natural evolution of art that gives artists the freedom to reach different races, cultures and places. Al Faisal also asserts that NFTs have done what decentralized finance (defi) has done to finance — they have “decentralized art.”

The Saudi princess’ comments about artists’ adoption or growing use of NFTs follow recent reports that she had launched her first NFT as well as the first virtual exposition of Saudi NFTs. Also, prior to launching the NFTs, Al Faisal, a photographer for more than 30 years, had sold her works on the NFT marketplace, Opensea.

Remarking on the reaction to her own NFT launch, the Saudi princess said she is surprised that people still fail to see NFTs as a new way of exhibiting art. 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.

Yet, in spite of their role in empowering artists, NFTs have been targeted by critics who insist the tokens are being used to launder money. A British security and defence think tank, Royal United Services Institute (RUSI), appeared to be back the claims when it warned that NFTs could be used to bolster money laundering schemes.

However, in her comments during an exclusive interview with Bitcoin.com News, an unfazed Al Faisal said she will continue to keep abreast with the changing trends.

“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 Evolution in Finance

Besides endorsing NFTs, the 56-year-old princess Al Faisal also told Bitcoin.com News that she has “always been fascinated by the blockchain” which she says is now part of everyday life in Saudi Arabia. She said her IT company, Dar Al Saaed already deals with blockchain. Besides the blockchain, Al Faisal said she is also fascinated by cryptocurrencies and bitcoin which she called “the most amazing technology.”

Turning to the use of cryptocurrencies in Saudi Arabia, Al Faisal acknowledges that the kingdom, unlike some of its fellow Gulf Cooperation Council (GCC) countries, has not formally adopted these just yet. However, she predicts that the Saudi government “will probably regulate cryptocurrency and allow free use of that tech because it has shown itself to be an important evolution in finance.”

Al Faisal also shared another reason why some in Saudi Arabia are confident that the kingdom, which previously said cryptocurrencies are illegal, will eventually allow the free use of cryptos. 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.”

What are your thoughts on this story? Tell us what you think in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory