UAE-based NFT marketplace NIFTY Souq raises $1.5 million

Oluwajuwonlo Afolabi -

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.