NIFTY Souq will be the first and only NFT marketplace in the MENA region for creators and collectors. The marketplace that will revolutionise the music and art scene.
NFTs and Blockchain technology are two of the most talked-about digital topics in years.
And many artists think they’ll revolutionize the art and pop culture world, creating a brand new revenue stream for them. One such artist is Rola Azar, the influential Palestinian singer who has nearly a million online followers.
‘I see NFTs like a signed vinyl, they’re something I want to collect and keep. NFTs also prove the authenticity and ownership of my work. I believe NFTs will bring me closer to fans. NFTs empower artists and give them full ownership over their work,’ says Rola Azar,
She’s one of the first artists to start working with NIFTY Souq in the MENA region. They’re creating a dynamic new marketplace for creators and fans alike. NIFTY Souq is already working with over 30 artists and creators in the region spanning music, calligraphy and photography with artists from across the MENA region. And they all see NFTs as the future.
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 the Beeple digital artwork ‘Everydays — The First Five Thousand Days’ for $69 million 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 sell & buy NFTs.
‘It’s a new way for fans to support their beloved artists and for artists to connect with their fans without any middle entity. Our region is full of potential that might be underrepresented in global platforms. NIFTY Souq focuses on the region, its artists and the fan base in the MENA region,’ says Rola.
Put simply, NFTs are just another way you can support your favourite artist in the MENA region. Which can only be a good development for the creative arts in the region.
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 AlSayed, 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 Al Sayed 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.