A prominent member of the Saud royal family of Saudi Arabia, Reem Al-Faisal, has made a supportive remark about non-fungible tokens and the evolution and preservation of human creativity in the modern art industry.
According to Reem Al-Faisal, NFTs are the perfect medium that contemporary artists missed out on before their emergence. It is like a glue that sticks all art parts together: creativity, evolution, monetization, and preservation.
According to her, NFTs provide artists with a platform to express themselves and reach diverse audiences like never before seen in the history of the Internet. The NFT does for the arts what DeFi (decentralized finance) has done for the mainstream finance sector.
The princess made a statement on the adoption and use of NFTs following multiple reports that she had recently established her NFT and a virtual exhibition of Saudi art in NFTs, which was attributed to her.
Following the launch of her NFT project, the Saudi princess exclaimed that she is most often surprised by some people’s views towards NFTs. In addition, a handful of people have no idea about using the NFT to exhibit art, sell, and store their collectibles. The NFT comes with a feature to make artists the owners of their creative inventions.
According to her, gone are the days when artists are at the mercy of mediums like TV adverts and social media sites to market and profit from their creativity. The coming of the NFTs gives artists the power they have never had before to ownership of their creativity.
It’s worth noting that Reem Al-Faisal has been an avid photographer for close to 30 years, and she has also sold a substantial part of her work on the largest NFT marketplace, OpenSea.
However, NFTs as the only thing that gives artists a hundred percent ownership of their works has been criticized by some individuals and groups, who believe that the NFT tokens are used as a conduit for money laundering.
Notably among the critics is the Royal United Services Institute (RUSI), a civil society organization with an interest in security and defense based in the United Kingdom, which insists that NFTs could be the easiest way to launder money for illegal activities.
But the Saudi princess is not deterred by the criticism of the NFT, adding that as an art enthusiast herself, she will be keeping up with any trend that gives artists the upper hand concerning their works. According to her, the world of blockchain and metaverse is where she sees her works exhibited.
The Importance of DeFi
The princess also revealed that she has always been drawn to blockchain since its emergence indicating why she adopted it in her IT company.
She acknowledged that Saudi Arabia, in contrast to other Gulf countries, has not officially approved the use of cryptocurrency yet. Still, she is adamant that her country’s government might officially regulate its use because she sees it as becoming a mainstay in the finance sector.