Nabil Al Sayed, a serial startup entrepreneur, has announced the launch on Thursday of NIFTY Souq, a new digital platform where artists and collectors of the Middle East and North Africa region can create and buy NFTs. The new NFT marketplace is going to revolutionize the music and art scene in the Gulf countries.
As NIFTY Souq said in a statement, it will help artists in the Middle East and North Africa capitalize their art pieces on this growing digital trend with their own dedicated platform.
NFTs, or non-fungible tokens, based on blockchain technology have made this year a big impact in the art and pop culture around the world, creating a dynamic new market for creators and fans.
Essentially, NFTs are digital contracts built on blockchain technology that let you buy and sell each online digital item as unique. And since their creation, they’ve been used to buy anything from an emoji or music to an artwork.
The most famous NFTs were a digital artwork from Beeple, auctioned off this March for $69 million worth on Christie’s, and the first-ever tweet of Twitter founder Jack Dorsey sold for over $3 million.
After the NIFTY Souq launch, there’s a dedicated marketplace where artists and collectors in the MENA region can create, sell and buy NFTs.
“Our goal is to create the first and biggest environment-friendly NFT marketplace in MENA,” Nabil Al Sayed, NIFTY Souq’s CEO, said.
Al Sayed, a serial entrepreneur, has over 22 years of experience in the hi-tech startup field.
By his words, the platform will be the most energy-effective. An NFT minted on NIFTY Souq will use the same amount of energy as sending a tweet, unlike other platforms, which use the amount of energy per NFT as an average house uses in four days.
“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,” Al Sayed added.
As reported recently, the NFT market activity is picking up speed. With rich investors spending millions on artworks, NFTs are selling for millions for a piece, and the trading volumes are growing up again.
NFTs have become a quite new way for artists, musicians, writers, photographers, fans, and collectors to buy and sell artwork in the digital world.