UAE’s NFT Marketplace, NIFTY Souq secured $1.5M SEED investment for its tech and further expansion.
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NIFTY Souq, the MENA region’s NFT marketplace has raised $1.5M in SEED investment from Palm Ventures, Falak Investment Hub, and Fitzy Fund alongside angel investors. Launched in 2021, NIFTY Souq is a marketplace and auction platform for creating, selling, and buying NFTs.
The region has been home to many startups with a unique proposition traversing blockchain including Rain and VALR, crypto-based educational platforms like Coinmarketpedia, sustainable solutions startups like Pylon and Natrify, and now NFT’s. Sizable rounds have been raised by these startups which exhibits the inclination of investors to deploy capital in non-mainstream industries. Recently, an urban streetwear startup Jobedu exited to a US-based Web3 company called Novajax. The launch of an NFT marketplace goes to show the diversity of the E-commerce industry which is no longer just limited to grocery or FMCGs, we have seen a number of NFT marketplaces surfacing in MENA recently and even acquiring funds including Egypt’s Remooz, UAE’s Nur NFT marketplace, and KSA’s NuqtahNFT.
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According to the company, in 2021 the global NFT market was valued at $15.7Bn and is expected to reach $122.43Bn by 2028, with a CAGR of 34.10%. Co-founder Talal Afghani shared, “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.”
The SEED-fund investment will be used on tech updates and the platform's expansion. Richard Fitzergald, the founder of Fitzy Fund, one of NIFTY Souq’s investors, said, "What attracted me to Nifty Souq was that it was an eye-catching regional brand built for Web3 and it focused on the creator economy. I was also impressed to find two seasoned entrepreneurs in Talal and Nabil AlSayed at the helm."
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