NIFTY Souq, the MENA region’s first NFT marketplace which launched in 2021, has announced they’ve secured $1.5 million in seed investment as they look to expand the Arab world’s first NFT platform.
The UAE-based company secured the funding in their first round of 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, said Talal Afghani, NIFTY Souq’s Co-founder.
Afghani commented: “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%
As the first and largest NFT marketplace in the region, NIFTY Souq is well-placed to take advantage of this growth. And despite the global ‘crypto winter’ causing digital global markets to cool down from their 2021 peak, the impressive seed-funding results for NIFTY Souq indicate there is still strong belief from investors in NFTs in the region.
Richard Fitzergald, the founder of Fitzy Fund, and one of NIFTY Souq’s investors, commented: "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.”
The team behind NIFTY Souq have comprehensive cryptocurrency experience and is passionate about technology, art and music. This means they’re perfectly placed to help take the Middle East into the digital future.