Sunday, May 26, 2024

Saudi launches NFT souvenirs during UNWTO Executive Council.

The market of Saudi Arabia is advancing further into digital tourism. To boost this process, the Tourism Authority of Saudi Arabia and the Ministry of Tourism (Saudi Arabia) have decided to offer souvenirs for Non-fungible tokens (NFTs).

A Big Announcement at UNWTO

The idea of introducing souvenirs for NFTs was a part of Saudi Arabia’s personal digital mementos. The BoD chairman of the Tourism Authority and Minister of Saudi Arabia tourism, Ahmed Al Khateeb, presented these notes in a first of its kind event.

This event in Jeddah was the UNWTO (United Nations World Tourism Organization) Executive Council’s 116th session. The announcement was also to express Saudi Arabia’s gratitude towards the guests for attending the event.

The NFT Souvenirs

Non-fungible tokens allow creators to digitize any work of art, music, videos etc. Any type of physical collectible can turn into a digital token. Every piece of art turned into token goes to the Blockchain Network for storage. Each single token has a unique digital ID that protects it from being copied and abused by someone else.

In this context, the Saudi Arabia souvenirs aim to merge the crypto metaverse with the physical world. This metaverse is actually a very experiential VR (Virtual Reality) environment with a perfectly simulated digital world. It also consists of elements like the Blockchain Network and elements from the digital media to enable social interactions.

The Meaning Behind Souvenirs

According to Ahmed Al Khateeb, these new NFT souvenirs symbolize how the Saudi Government is taking an initiative to lead the new world of cryptocurrencies and NFTs.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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