Dubai-based NFT platform UPYO has announced its launch, which officially took place on the first of June, 2022.
The American registered company also announced the raise of a $1 million seed round led by angel investors in 2020.
UPYO’s vision is to create a safe, simple, and high-quality platform for trading NFTs in the Middle East in order to inspire Arab artists to think, create and engage in the NFT marketplace and to have the ability to share their work. Additionally, the platform wants to be a gateway for its users to interact with the digital economy and connect with millions of creators around the world.
The platform provides free minting, commonly referred to as Lazy Minting, which allows users to make their NFTs available off-chain. This is a cost-effective method that allows artists to mint their NFTs only once they have been sold. This means that the artist does not have to pay any upfront gas fees (fees paid when making a transaction on the blockchain) to mint their NFTs, only paying the fees only once their token is purchased.
CEO and Co-Founder Ahmed Alsenan said: “The NFT market in Saudi Arabia and the MENA region is still nascent. People are still discovering the NFT experience. So, we wanted to be their gateway to this amazing digital economy. Our company strives to nurture and promote Arab and MENA talents, giving them a platform to display their work and connect with millions of people globally.”
The NFT market is still ambiguous for a lot of Arab audiences and it carries a lot of risks for the uninformed, which is why UPYO intends to provide them with a safe environment in which they feel able to share their work while also protecting the uniqueness and copyrights of their work.