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.
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 –
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. They are also 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.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
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