NFTY Arabia, an incubation of MO4 Innovations, aims to provide a fair-for-all platform that enables Arab creators to showcase and sell their digital artwork as NFT in a growing and potentially endless global market.
If you don’t yet know what an NFT is, then where did you hide last year? Essentially, an NFT (which stands for non-fungible token) uses blockchain technology to enable proof of ownership over any digital asset, whether it’s digital art, a meme, or even a tweet. To put it in layman’s terms, just because you take a picture of the Mona Lisa does not mean you own the Mona Lisa.
The NFT market has reached a value of $ 7 billion (Market.BusinessInsider) this year, with collectors rushing to buy rare digital works that they believe will only increase in value over time as we , as a company, we are moving ever closer to a digital world (or metaverse if you prefer) and the value of digital assets is increasing as a result. 3D digital artist Beeple made headlines in February when his work “The First 5000 Days,” a collage of his daily dystopian digital pieces, sold for $ 69 million through a Christie’s auction. and since then, NFT art collections such as Cryptopunks and Bored Ape Yacht Club, generative AI art projects that sell variations of the same character design, each featuring a variety of attributes of different rarities, sell out regularly. by millions.
âI think NFTs will be the future building blocks of the internet, the metaverse and everything in between,â founder Tameem Mowafi tells #StartUpScene, âfor the first time, artists can be paid directly for their digital work. , which is revolutionary for the creative Consider NFTY Arabia as the new age gallery for the Internet generation.
NFTY Arabia is set to have its soft launch in December with âToken,â the region’s first release of the NFT collection, an irreverent digital dive into Egyptian memes by prominent Egyptian visual artist Aya Tarek. The full platform market is slated to launch in early 2022 with collections of digital works by some of the region’s most avant-garde artists, curated in collaboration with That Really Cool Studio.
For more information, follow @nfty_arabia or visit nftyarabia.com.