Commercial Bank of Dubai to Debut NFT Art Show

The Commercial Bank of Dubai (CBD) is hosting a nonfungible token (NFT) art exhibition at its digital lab in Dubai International Financial Centre in partnership with UAE-based NFT artist Amrita Sethi that shares the story of how the bank has evolved in the last half-century, Gulf News reported Monday (Dec. 27).

The story walks through the history of the Deira Clock Tower and how it ties into the bank’s headquarters with a focus on how the bank will remain a leader for innovation across the region, according to the report.

Exhibition visitors can scan the QR code embedded in the artwork to trigger the augmented reality feature that lets them enjoy and “see sound” through Sehti’s art. Each limited-edition piece comes with a digital twin NFT.

“We are delighted to celebrate the UAE’s historic Golden Jubilee by hosting a unique NFT art exhibition that speaks about the country’s remarkable rise and achievements in just half a century,” said CBD CEO Bernd van Linder.

“Further, I am proud to be able to showcase CBD’s parallel growth over this same period. The UAE has taken great strides in becoming a global technology and innovation hub. CBD has supported, and will continue to support, the UAE on this journey,” he said.

Commercial Bank of Dubai is “proud to be able to provide a platform to showcase one of the UAE’s finest artists at our Digital Lab and to provide art lovers, technology enthusiasts and the wider community a one-of-a-kind chance to experience the NFT technology,” he added.

Related: Retailers Pin Hopes on NFTs as Impulse Play

PYMNTS reported that most NFT purchases over the first 10 months of 2021 were for less than $10,000, and cryptocurrency holders spent more than $27 billion on Ethereum contracts tied to NFTs. Still, NFT purchases ranging between $10,000 and $100,000 make up 20% of NFT transactions, and that percentage is expected to continue to climb.

To sharpen that point, consumers paid $65 million for NFTs at Sotheby’s and $100 million at Christie’s this year.