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UAE-based NFT marketplace NIFTY Souq raises $1.5 million

NIFTY Souq, 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,

Oluwajuwonlo Afolabi profile image
by Oluwajuwonlo Afolabi
UAE-based NFT marketplace NIFTY Souq raises $1.5 million
Photo by PiggyBank / Unsplash

NIFTY Souq, 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.
Oluwajuwonlo Afolabi profile image
by Oluwajuwonlo Afolabi

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