NFT marketplace NIFTY Souq raised $1.5 million in SEED from Palm Ventures and others

MENA region’s NFT marketplace NIFTY Souq raised $1.5 million in SEED investment from Palm Ventures, Falak Investment Hub, and Fitzy Fund alongside angel investors.

NIFTY Souq is a marketplace and auction platform for the creation, sale, and purchase of NFTs. The SEED-fund investment will go toward technology updates and platform expansion. According to the company, the global NFT market was valued at $15.7 billion in 2021 and is expected to reach $122.43 billion by 2028, at a CAGR of 34.10%.