Dubai, United Arab Emirates: NFTs and Blockchain technology are two of the most talked-about digital topics in years. They have revolutionised the art and pop culture world, creating a dynamic new market for creators and fans alike. And the launch of NIFTY Souq is set to do the same for the MENA region.
NFTs are essentially digital contracts built on blockchain technology. NFTs - or Non Fungible Tokens to give them their full name - 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.
And thanks to NIFTY Souq, there’s now a dedicated marketplace and platform where artists and collectors in the MENA region can create & buy NFTs.
Environmentally friendly
The NIFTY Souq team is committed to being green. Which is why they’re using the non-profit Tezos Foundation blockchain protocol, an open-source blockchain protocol that is secure, upgradable and built to last. It’s also highly efficient and uses two million times less energy than other NFT platforms.
“Our goal is to create the first and biggest environment-friendly NFT marketplace in MENA,” says Nabil Al Sayed, NFTY Souq’s CEO.
To put that in context: it would cost other platforms the same amount of energy an average house uses in four days to mint their NFT.
Comparatively, 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. Plus, by using Blockchain technology, the purchase is 100% secure with a full digital decentralised record proving ownership.
There are hundreds of different NFT applications. They could be used to give access to private artist Q&A sessions, or to be used to sell one-of-a-kind pictures to collectors with encrypted content behind the picture.
By approaching their fans directly via NFTs and providing exclusive content through NFTs, indie artists don’t have to rely on crowdfunding platforms to fund their next project, nor will they need to sign with a label anymore. Their true fans will fund their upcoming work willingly by buying NFTs with special content or access attached to them.
They could be used as digital tickets to fight counterfeits and fakes. And they could even be used in education to validate degrees. Their possibilities are endless.
NIFTY Souq will help artists in the Middle East and North Africa capitalize on this growing trend with their own dedicated platform.
As well as liberating the Artist-Collector dynamic and helping monetise artists’ work, NIFTY Souq will also put the artist in charge of their distribution, auctioning and digital finances.
Alongside that, NIFTY Souq will introduce…
* Tezos smart contracts to fix copyright issues
* Increase fan reach
* Raise awareness for NFTs
* Create a dedicated regional marketplace
The team behind NIFTY Souq have comprehensive cryptocurrency experience and are passionate about technology, art and music. This means they’re perfectly placed to help take the Middle East into the digital future.
And they're currently minting their first artwork for the region.
“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 & cryptocurrencies, making NFTY Souq a truly inclusive platform,” concludes Nabil AlSayed.
About Nabil Al Sayed (CEO)
Nabil AlSayed is the Founder and Chief Executive Officer of NIFTY Souq. He is a serial entrepreneur and a father of three. He is on a mission to establish, build, educate and grow the NFT industry in the MENA region. Nabil has over 22 years of experience and hustled in the tech startup when it first started trending in the region.
FOLLOW NIFTY SOUQ: Instagram | Facebook | Twitter
For all press enquiries please contact info@maanamusic.com or +971 55 968 6015.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
