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 Saudi Princess Reem Al Faisal, NFTs are a natural evolution of art that gives artists the freedom to reach out to different races, cultures and places. Al Faisal also claims 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.
Commenting on the reaction to her own NFT launch, the Saudi princess said she was surprised that people still don’t see NFTs as a new way to exhibit art. She says:
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 despite their role in empowering artists, NFTs have been targeted by critics who insist the tokens are used to launder money. A UK security and defense think tank, the Royal United Services Institute (RUSI), appeared to back down on its 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 this blockchain world, the metaverse and I want my work to be exhibited in 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.”
Regarding 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 yet officially adopted them. However, she predicts that the Saudi government “will probably regulate cryptocurrency and allow free use of this technology as it has proven to be an important development 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 embraced the most advanced thing it can find. It has embraced something new and since cryptocurrencies are still new, it is expected that they will also be embraced.
