Non-fungible tokens (NFTs) are the future of artistic expression, which would give artists freedom and the ability to reach a wider audience, Saudi Princess Al Faisal said.
NFTs, according to Reem Al Faisal, a Saudi Arabian princess, are a natural evolution of art that allows artists to reach out to people of diverse races, ethnicities, and locations. Al Faisal also claims that NFTs have “decentralized art,” similar to what decentralized finance (defi) has done for money.
Following recent claims that she had launched her first NFT as well as the first virtual exposition of Saudi NFTs, the Saudi princess made comments concerning artists’ adoption or expanding use of NFTs. Al Faisal, a photographer for over 30 years, had already sold her art on the NFT marketplace, Opensea, before the debut of the NFTs.
The Saudi princess expressed surprise at the lack of response to her own NFT debut, saying, “I’m astonished that people still don’t get it.”
Despite their importance in empowering artists, opponents have accused NFTs of being used to launder money. The Royal United Services Institute (RUSI), a British security and defense think tank, appeared to back up the assertions when it cautioned that NFTs may be used to bolster money laundering schemes.
However, in an exclusive interview with Bitcoin.com News, Al Faisal remained undeterred, stating that she will continue to stay up with shifting trends.
Al Faisal added, “It’s the realm of the blockchain, the metaverse, and I want my art to be presented on that world.”
An Important Evolution In Finance
In addition to praising NFTs, Princess Al Faisal, 56, told Bitcoin.com News that she has “always been captivated by the blockchain,” which she claims is now part of daily life in Saudi Arabia. Dar Al Saaed, her IT firm, she claims, already works with blockchain. Apart from the blockchain, Al Faisal is enamored with cryptocurrencies and bitcoin, which she describes as “the most wonderful technology.”
When it comes to the use of cryptocurrencies in Saudi Arabia, Al Faisal concedes that, unlike some of its Gulf Cooperation Council (GCC) neighbors, the kingdom has not yet legally adopted them. She does anticipate, though, that the Saudi government “will probably regulate cryptocurrency and allow unrestricted use of that technology because it has proven to be an important technology.”
Al Faisal also revealed another reason why some Saudis believe the monarchy, which earlier declared cryptocurrency to be illegal, may eventually legalize their free use. She stated, “
“Saudi Arabia has always embraced the most innovative technology available. It has adopted anything new, and because cryptocurrencies are still new, it is expected that they will be adopted as well.”