NIFTY Souq, a new marketplace that aims to revolutionise the music and art scene in the Middle East, will launch on Thursday.
The launch comes as NFTs – or Non Fungible Tokens – and blockchain technology have made a big impact in the art and pop culture world, creating a dynamic new market for creators and fans alike.
NFTs are essentially digital contracts built on blockchain technology which let you buy unique online digital items.
And since their creation, they’ve been used to buy anything from an emoji to a work of art.
Famous NFTs that have been sold include a digital artwork for $69 million from Beeple, while Twitter founder Jack Dorsey sold his first ever Tweet for over $3 million.
With the NIFTY Souq launch, there’s now a dedicated marketplace and platform where artists and collectors in the MENA region can create and buy NFTs.
“Our goal is to create the first and biggest environment-friendly NFT marketplace in MENA,” said Nabil Al Sayed, NIFTY Souq’s CEO.
It would cost other platforms the same amount of energy an average house uses in four days to mint their NFT but an NFT from NIFTY Souq will cost the same amount of energy as sending out a tweet.
NFTs have become a new way for artists, musicians, writers, photographers, fans and collectors to buy and sell artwork in the digital world.
NIFTY Souq said in a statement that it will help artists in the Middle East and North Africa capitalise on this growing trend with their own dedicated platform.
“With zero minting costs, artists can set super affordable prices for their NFTs, making them accessible to all fans, who can purchase them with a simple credit card and cryptocurrencies, making NFTY Souq a truly inclusive platform,” said AlSayed.
AlSayed is a serial entrepreneur and has over 22 years of experience in the tech start-up landscape.
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