The UAE-based NIFTY Souq, the MENA region’s first NFT marketplace which launched in 2021, has announced they’ve secured $1.5 million in seed investment.
Confirmed investors include Palm Ventures, Falak Investment Hub and Fitzy Fund alongside angel investors from the UAE, KSA and the US.
The seed-fund investment will be used on tech updates and the platform’s expansion, says Talal Afghani, NIFTY Souq’s Co-founder.
In a statement, Afghani said. “We are thrilled with this investment which enables NIFTY Souq to further enhance and improve 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.”
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.
NIFTY Souq uses the Ethereum and Polygon blockchains and smart contracts as their underlying technology, creating a secure and permanently-stored record on the Internet and blockchain network.