NIFTY Souq, the MENA region’s first NFT marketplace to launch in 2021, has announced that it has secured $1.5 million in seed investment as it looks to expand the Arab world’s first NFT platform.
The UAE-based company secured the funding in its first round of seed investment.
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Confirmed investors include Palm Ventures, Falak Investment Hub and Fitzy Fund along with angel investors from the UAE, Saudi Arabia and the US.
The seed fund investment will be used for technical updates and the platform’s expansion, says Talal Afghani, NIFTY Souq’s co-founder.
“We are excited about this investment which enables NIFTY Souq to further enhance and enhance what is already the MENA region’s leading NFT marketplace. This fund is a vote of confidence from our investors in our vision and gives us the resources to deliver on our roadmap,” Afghani said.
In 2021, the global NFT market was valued at $15.7 billion and is expected to reach $122.43 billion by 2028, with a CAGR of 34.10 percent.
As the first and largest NFT marketplace and auction platform to create, sell and buy NFTs in the region, NIFTY Souq is well positioned to benefit from this growth.
And despite the global ‘crypto winter’ causing digital global markets to cool off from the 2021 peak, the impressive seed funding results for NIFTY Souq indicate that investor confidence in NFTs in the region remains strong.
Richard Fitzergald, the founder of Fitzy Fund, is one of NIFTY Souq’s investors. “What attracted me to Nifty Souq was that it was an eye-catching regional brand built for Web3 and it focused on the creative economy. I was also impressed to find two experienced entrepreneurs in Talal and Nabil Al Sayed at the helm.”
The team behind NIFTY Souq wants to build a bridge between artists, musicians, sports clubs and iconic brands on the blockchain, and is committed to low minting costs for all artists launching NFTs on the platform, helping creators set reasonable prices. And the platform accepts both credit card payments and cryptocurrencies, making NIFTY Souq truly inclusive.
NIFTY Souq uses Ethereum and Polygon blockchains and smart contracts as their underlying technology, creating a secure and permanently stored record on the Internet and blockchain network.
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