NFTs are one of the most interesting – and confusing – online developments in years and the UAE now has its own dedicated marketplace for them.
NFTs – or Non Fungible Tokens to give them their full name – let you buy unique online digital items. And since their creation, they’ve been used to buy anything from an emoji to a work of art.
Which honestly, can seem pretty silly, when you consider how open the internet is. But there is a method to the madness.
NFTs have revolutionised the art and pop culture world, creating a dynamic new market for creators and fans alike. And they’ve created a whole new revenue stream for artists.
Famous NFTs that have been sold include a digital artwork for $69 million from Beeple, while Twitter founder Jack Dorsey sold his first ever Tweet for over $3 million.
And the NIFTY Souq team are hoping to kickstart the NFTs in the UAE.
They’re also very aware of the damage online data can cause through pollution and extreme energy use.
“Our goal is to create the first and biggest environment-friendly NFT marketplace in MENA,” says Nabil Al Sayed, NFTY Souq’s CEO.
NFTs aren’t just used to buy an emoji or a GIF.
There are hundreds of different NFT applications. They could be used to give access to private artist Q&A sessions or to be used to sell one-of-a-kind pictures to collectors with encrypted content behind the picture.
By approaching their fans directly via NFTs and providing exclusive content through NFTs, indie artists don’t have to rely on crowdfunding platforms to fund their next project, nor will they need to sign with a label anymore. Their true fans will fund their upcoming work willingly by buying NFTs with special content or access attached to them.
They could even be used as digital tickets to fight counterfeits and fakes. And some universities have already started using them to validate degrees.
The possibilities are endless!
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