Launch of the first “NFT” platform in Middle East

The NIFTY Souq platform announced Thursday the launch of the first market of its kind for artists with technology token non-fungible (NFT) in Middle East and North Africa.

This step comes after the spread of NFT technology and Blockchain technology in recent years and the great changes that the two technologies have brought to the arts and popular culture sector.

THE token NFT or non-fungible are digital contracts based on Blockchain technology that allow users to sign with their full name and purchase online unique digital assets.

Since its launch, this technology has been used to purchase all kinds of assets, from emojis to artwork, with ease and simplicity.

Beeple’s digital artwork, which sold for $ 69 million, is one of the most popular NFT sales, along with Twitter founder Jack Dorsey’s first tweet, which sold for over $ 3 million.

Based in the UAE, NIFTY Souq is now the first platform in the MENA region in where artists and art collectors can create and sell content (tools) such as NFTs.

Nabil El-Sayed, CEO of NIFTY Souq, said that while other platforms consume as much energy as a normal home in four days to generate token non-fungible, form a token NFT in NIFTY Souq does not require more than the amount of energy it requires. it takes to post a tweet on Twitter, according to a statement released by the company.

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