Saudi Princess Reem Al Faisal said non-fungible tokens (NFTs) are a new form of artistic expression that allows artists to access a wider audience.
NFTs, according to Reem Al Faisal, are a natural progression of art that allows artists to reach out to people of diverse races, ethnicities, and locations. Al Faisal also claimed 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 and the first virtual exposition of Saudi NFTs, the Saudi princess made comments concerning artists’ acceptance 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 amazement at the lack of understanding of NFTs as a new form of showing art in response to her own NFT launch.
Individuals make a big deal about it [NFTs], but I’m not sure why they’re so surprised when people, notably artists and photographers, enter NFTs. It’s the next step in the evolution of artistic expression.
Despite their role in empowering artists, critics have accused NFTs of being used to launder money. The Royal United Services Institute (RUSI), a British security and defence think tank, appeared to back up the claims when it warned that NFTs could be used to bolster money laundering schemes.
A Significant Change 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 claimed is now part of daily life in Saudi Arabia. She claimed that Dar Al Saaed, her IT firm, already works with blockchain. Apart from the blockchain, Al Faisal is enamoured with cryptocurrencies and bitcoin, which she describes as “the most wonderful technology.”
When it comes to using cryptocurrencies in Saudi Arabia, Al Faisal concedes that the country has not yet legally embraced them, unlike some of its Gulf Cooperation Council (GCC) neighbours. She does believe, though, that the Saudi government would “likely regulate cryptocurrencies and allow unrestricted use of that technology since it has shown to be a significant advancement in finance.”
Al Faisal also revealed another rationale why some Saudis believe the monarchy, which earlier declared cryptocurrency to be illegal, may ultimately legalize their unfettered usage. She stated, “Saudi Arabia has always embraced the most innovative technologies available. It has embraced anything new, and because cryptocurrencies are still new, it is expected that they will be adopted as well.”