FIVE POPULAR NFT MARKETPLACES IN THE MIDDLE EAST
An NFT marketplace is like a typical market where people can participate in the purchase and sale of digital tokens called non-fungible tokens. These marketplaces exist to bring buyers and sellers of NFTs together. They facilitate trading and transfer of ownership of the digital asset.
The only difference is that it is a digital market, unlike a typical physical market. The popularity of NFTs has made the marketplace for these tokens gain increased demand and relevance. These marketplaces are important because their decentralized platform allows users to create and store NFTs. In addition, NFT markets have limitless growth potential. They are easy to use and ensure authenticity to prevent fraudulent schemes.
The popular NFT marketplaces today include OpenSea, Binance and Axie Infinity, all of which offer diverse exclusive features for their users. However, there are also popular ones in the Middle East. For investors or intending investors of NFTs in the Middle East, here are a few common markets, in no particular order:
Blockparty aims to empower artists, musicians and brands to form deeper connections with their fans and communities. The platform makes it easy for new creatives to navigate the world of trading in NFTs and provides various payment options so users do not have to worry about setting up a wallet. Blockparty also provides the option of withdrawing your NFT to your Ethereum wallet to resell or swap on other decentralized marketplaces.
“Our goal is to create the first and biggest environmental-friendly NFT marketplace in MENA” – Nabil Al Saye, NIFTY Souq CEO. With the help of the Tezos foundation blockchain protocol, NIFTY Souq is committed to being green. Their goal is to make the cost of creating an NFT consume the same amount of energy as sending out a tweet. NIFTY Souq is also concerned with creating a regional marketplace for creators and collectors to improve fan reach and raise awareness for NFTs. The market also focuses on helping artists monetize their work by putting the artist in charge of distributing their digital tokens.
Jumy is the first NFT marketplace in the Middle East. The market teams up with top artists, creators and influencers to provide collections of limited editions and high-quality NFTs made available only on the platform. Based in Dubai, the platform was launched in October 2021 and is described as the premium NFT boutique for exclusive digital art. Any collection uploaded on this platform will be opened at specific times and be available only for a limited time.
This is the first NFT market established in Saudi Arabia that enables local creatives to publish and sell their work easily and has put in place plans to expand to serve as a global platform for buyers hoping to acquire the NFTs of emerging and renowned artists in the Middle East. The market, founded by Salwa Radwi plans to become the de-facto platform for the Saudi and MENA digital creative economy by utilizing the blockchain technology in the NFT space.
Emergeast was founded in 2014 and was the first NFT marketplace to launch an online art gallery in the Middle East. The marketplace displays artists from the Middle East and recognizes their digital artwork by helping to make it official. The platform has hosted an NFT exhibition titled “Meta Mena” and is set to take part in Art Dubai Digital this year, showcasing NFT art from six artists. Emergeast also accepts payments for NFTs in bitcoin and Ethereum.
Most NFT markets have specific niches and customers they focus on providing services for. As an investor or trader, it is up to you to know what you want, the type of NFT you want to purchase, and how you would rather purchase it.