NIFTY Souq opens a market for creative artists and collectors

The first art market of its kind for NFTs in the Middle East and North Africa begins on August 26, 2021 to radically change the music and art scene in the region

Dubai, United Arab Emirates : The NIFTY Souq platform announced the launch of the first market of its kind for artists and art enthusiasts in Non-Foldable Token Technology (NFT) in the Middle East and North Africa. This step follows the great success achieved by NFT technology and Blockchain technology in recent years, and the great changes brought about by both technologies in the arts and culture sector.

NFTs or non-exchangeable tokens are digital contracts based on Blockchain technology that allow users to sign in with their full name and purchase unique digital assets online. This technology has also been used since its inception to purchase all kinds of assets, from emoji to works of art, with ease and simplicity.

It is the digital work of art of the artist pebble (Beeple), which sold for $ 69 million, one of NFT’s most popular sales; In addition to the first tweet for Jack Dorsey, The founder of Twitter, which sold for more than three million US dollars.

NIFTY Souq is now the first platform in the MENA region where artists and collectors can create and sell content (instruments) like NFT.

Environmentally friendly technology

The NIFTY Souq team is committed to sustainability practices, which is why they used the NIFTY Souq locking system Tezos (Tezos); Secure and open source system that is constantly updated. This system is very efficient and uses two million times less power than other platforms that use the NFT instrument.

Commenting on this topic, he said: Nabil El-Sayed, NIFTY CEO Souq: “Our goal is to create the first and largest NFT green market in the MENA region.”

More precisely, while other platforms consume as much energy as an ordinary house in four days to generate unchanging ground; Forming an NFT token on the NIFTY Souq platform requires no more than the amount of energy it takes to post a tweet on Twitter.

About non-interchangeable arguments

NFT marks are the modern marketplace that enables artists, musicians, authors, photographers, art enthusiasts and collectors to buy and sell works of art in the digital world. Using Blockchain technology ensures 100% secure purchases through a decentralized digital ownership book.

There are hundreds of different non-interchangeable symbol apps that can be used to give access to private interviews with artists, or to sell unique token paintings to art collectors.

This marketplace will allow freelance artists to interact with their fans directly through immutable codes and use them to deliver exclusive content, thus not turning to fundraising platforms to fund their projects. or to use autographs; Artist fans themselves will fund future projects by purchasing non-exchangeable tokens related to exclusive content or accessibility.

These codes can be visualized as fraudulent digital tickets, as they can also be used in the education sector to certify certificates thanks to their unlimited possibilities and possibilities.

The NIFTY Souq platform will help artists in the Middle East and North Africa take advantage of this growing digital trend by personalizing this platform for them.

In addition to giving artists and collectors more freedom to interact with each other and help artists increase their revenue from the sale of their works, NIFTY Souq will put artists in charge of distribution management, bidding and digital financing process.

The platform will also:

  • Launch of Tezos intelligent contracts to resolve property rights issues.
  • Improve interaction with the audience of fans and art lovers.
  • Introduction of irreplaceable argument technology.
  • Create a dedicated market in the region.

The NIFTY Souq team has extensive experience in the field of cryptocurrencies, along with a great passion for new technologies, art and music; This makes them the best choice to enhance the prospects for the digital future in the region.

It is worth noting that the team started the procedures for cutting NFT codes, the first of its kind in the region. Nabil El-Sayed added: “Because there are no costs involved in cutting these arguments, artists can offer their NFT work at very reasonable prices and make it available to all followers who can buy it with a simple credit card or using cryptocurrency, online. with the principles behind the NIFTY Souq platform ”.

About Nabil El-Sayed (CEO of the platform)

Nabil El-Sayed is the founder and CEO of NIFTY Souq. Nabil El-Sayed is working on the creation and development of Non-Interchangeable Symbol (NFT) technology in the Middle East and North Africa. The master also seeks to apply his experience, which lasted over 22 years in the field of emerging technology, to educate this technology and build the digital art industry.

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© Press Release 2021

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