A popular Emirati animated series has been given its own NFT collection as part of an effort to educate the public about new digital trends.
Ten characters from long-running comedy Shaabiat Al Cartoon will be featured in 9,999 pieces of unique non-fungible tokens, or NFTs.
The series, which first aired in 2006, has become a Ramadan staple.
It features Emiratis living in Dubai and addresses social and cultural issues with humour.
The digital tokens are being released under the Crypto Arabs Project, which will offer insights into the rise of NFTs, cryptocurrency and Web 3.0 through its 'Learn to Earn' initiative.
People can join Crypto Arabs by buying an NFT. The cost of the tokens has not been revealed.
Sheikh Humaid Bin Khalid Al Qasimi and Princess Nejla bint Asem of Jordan were among the first members of the Crypto Arabs Community.
They were presented with artwork based on the final collection which will be distributed upon mint.
“It is an honour to be a part of a project that is so strongly valued around education,” said Sheikh Humaid.
“The knowledge they will pass on to the community is invaluable. It's so important for people in this region to be educated, and included in the future of finance. Crypto Arabs has a strong network of leaders in the Web 3 space.”
The project is headed by Mohamed Al Banna, chief executive of Lead Ventures, Ralf Glabischnig, founder of Crypto Oasis, and Adi K Mishra, founder of Karma Innovations.
“Web 3.0 is a new era that can be very tricky to navigate. So we are bringing some of the most brilliant minds within the Crypto World to educate our community about blockchain and Web3.0,” said Mr Al Banna.
He said members would benefit from monthly masterclasses and Q&A sessions.
“With each masterclass community members complete, they will be rewarded with partner tokens,” he said.
Mr Glabischnig said a percentage of the earnings from the sale of the collectibles will be donated to charity and to Rashid Centre for People of Determination.
A quick guide to NFTs
NFTs are unique assets that cannot be exchanged for another item. They are stored and verified using blockchain technology.
The value of an NFT is tied to the fact they tend to be a one-of-a-kind item, with such rarity driving up their worth.
An NFT allows a buyer to purchase the original product ― even if it can still be listened to or viewed by the public ― which comes with a unique identification code that serves as proof of ownership.
For example, Jack Dorsey, founder and former chief executive of Twitter, sold his first post on the social media platform for more than $2.9 million last year.
Although the post can still be viewed by anyone on Twitter, its ownership has been transferred to another party in the form of an NFT.
Hundreds of millions of dollars' worth of NFTs have been sold, but the familiar principle that an item is only worth what someone is willing to pay for it still applies.
As with any auction, the sale price of an NFT is driven by demand at the time, with no guarantee it will retain the same value if an owner decides to sell it at a later date.