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# UAE-based NFT marketplace NIFTY Souq raises $1.5 million
- URL: https://www.techloy.com/uae-based-nft-marketplace-nifty-souq-raises-1-5-million/
- Published: 2022-09-22T07:48:18.000Z
- Updated: 2022-09-22T07:48:18.000Z
- Author: Oluwajuwonlo Afolabi
- Tags: nft, NIFTY Souq, Blockchain

[NIFTY Souq,](https://www.niftysouq.com/) a UAE-based NFT marketplace focusing on the Middle East and North Africa (MENA) region has raised $1.5 million in its seed round funding from Palm Ventures and other investors. 

- The fund will be used to support the platform's expansion plans and bolster its technology updates, Talal Afghani, NIFTY co-founder says.
- Founded in 2021, NIFTY Souq is a non-fungible token (NFT) marketplace and auction platform to create, sell, and buy NFTs. It looks to build bridge between artists, musicians, sport clubs, and brands on the blockchain.
- Talal Afghani, a co-founder in the NFT startup further says the seed investment is a vote of confidence from investors and a support for the startup's roadmap. Hence the fund will enhance and improve the startup's NFT offering in the MENA region.
- Falak Investment Hub, Fitzy Fund, and business angels from the US, the United Arab Emirates, and the Kingdom of Saudi Arabia participated in the funding round.