Nifty Island Summary

★ Company Overview

NIFTY Souq is a blockchain technology and non-fungible token (NFT) marketplace company, the full name of NIFTY Souq LLC, founded in 2021 and headquartered in Wilmington, Delaware, USA (108 West 13th Street, Wilmington, Delaware) and has a major base of operations in Dubai, UAE.

Positioned as the first NFT marketplace platform in the Middle East and North Africa (MENA) region, NIFTY Souq is committed to providing a platform for artists, musicians, sports clubs, brands, and collectors to create, buy, sell, and auction NFTs, while supporting Web3 and metaverse solutions.

★ Regulatory Information

NIFTY Souq does not explicitly disclose the number of a financial license that is directly supervised or held by a particular financial regulator.

★ Trading Products

NIFTY Souq offers the following blockchain-based trading products:

NFT trading: Enables the creation, buying, selling, and auction of digital art, music, sports collectibles, virtual ticketing, and branded custom NFTs, based on the Ethereum, Polygon, Tezos, and Solana blockchains in 2023, with transactions executed through the platform marketplace or OpenSea. In October 2023, the platform launched an NFT ticketing cooperation with the Al-Shabab Club in Saudi Arabia, and in November 2023, it supported the "Elite Stand Up Comedy Show" NFT ticketing of Jordan's TAJ Group.

Cryptocurrency trading: Ethereum (ETH), Polygon (MATIC), Tezos (XTZ), Solana (SOL) and stablecoins (such as USDC) are supported, and in 2023, they can be traded on the platform's built-in marketplace or DEX (trading pairs such as ETH/USDC) such as PancakeSwap for NFT purchases or platform fee payments.

Virtual Ticketing NFT: Launched an NFT ticketing solution in 2023, combining blockchain technology to provide secure and transparent ticket sales and prevent counterfeit tickets and scalping, partnering with Al-Shabab Club in October 2023.

Digital Gift NFT: In February 2022, it partnered with Joi to launch NFT gifts, allowing users to give art NFTs to support fan interaction and the popularization of digital assets. As of October 2023, the platform has not disclosed the total trading volume or NFT market capitalization, and in 2023 it claims that the MENA region leads (the specific market share is not disclosed). Trading products do not involve foreign exchange, CFDs or other traditional financial assets, and are limited to NFTs and cryptocurrencies. In 2023, the platform will attract artists and fans with zero minting costs (gas fees subsidized by the platform).

★ Trading software

NIFTY Souq provides a web-based NFT marketplace platform (accessed via the official website in 2023) that supports NFT minting, trading, and ticket management, with iOS and Android mobile apps launching in 2023. The platform needs to be connected to MetaMask, WalletConnect or Phantom (Solana wallet), and the functions include:

NFT marketplace: In 2023, it will support NFT minting, buying and selling, real-time auction and display, integrating Ethereum, Polygon, Tezos and Solana, and adding a virtual ticketing NFT function in 2023. Allows users to purchase tickets for events (e.g. Al-Shabab matches).

Creator tools: In 2023, a no-code NFT minting interface will be provided, artists can upload art, music, or ticketing content, and the platform will subsidize gas fees (zero minting costs), and batch minting will be supported in 2023.

Ticket management: An NFT ticketing system was launched in October 2023, allowing users to purchase, verify, and transfer ticketing NFTs through the platform, and supporting TAJ Group events in November 2023.

Analytics Dashboard: Deals and fan engagement, and market trends for brands and artists in 2023, with new real-time sales data added in 2023. The interface is mainly in English and Arabic, and the user experience will be optimized in 2023, adding credit card payment (via Stripe) and QR code ticket verification. In 2023, the platform will provide some API documentation through GitHub (the specific repository is not disclosed) to support developers to integrate NFT functions. User ratings were not disclosed in 2023, and in October 2023, LinkedIn reported that the ticketing feature was user-friendly.

★ Deposit and withdrawal methods

NIFTY Souq supports blockchain-based and fiat-based deposit and withdrawal methods:

Cryptocurrency deposits: Users who deposit ETH, MATIC, XTZ, SOL, or USDC to their wallet via Ethereum, Polygon, Tezos, or Solana are subject to gas fees (blockchain transaction fees, depending on network congestion), and there is no limit to the minimum deposit amount in 2023.

NFT trading: Deposit or withdraw NFTs through the platform marketplace or OpenSea, support batch minting and auction in 2023, the platform subsidizes minting gas fees, and the transaction charges a standard handling fee of 2.5% (consistent with OpenSea).

Fiat Currency Payments: In 2023, Stripe supports payment of NFT purchases or platform service fees in USD, EUR or UAE Dirham (AED), KYC verification is required, the processing time is usually 1-3 business days, and Visa, Mastercard and Apple Pay are supported in 2023.

Ticketing NFT transactions: In October 2023, ticketing NFTs (such as Al-Shabab match tickets) can be purchased via credit card or cryptocurrency, and the transfer is recorded on-chain, and the fee is determined by the blockchain network. In 2023, the platform claims that minting NFTs is free (the gas fee is borne by the platform), the transaction fee is 2.5%, and fiat payments are charged an additional 1-3% gateway fee through Stripe (the specific rate is not disclosed). Deposits and withdrawals need to be connected to a crypto wallet or complete KYC verification, and the platform ensures transaction transparency through smart contracts. In 2023, orders from the EU, the US (for orders under $800) and the UAE will be exempt from import duties, depending on local customs policies.

★ Customer Support & Empowerment

NIFTY Souq empowers users in the following ways:

Creator Education: In 2023, we will publish NFT minting, trading, and ticketing tutorials through the official website blog and Twitter, In October 2023, an artist introductory guide will be launched to assist creators in the MENA region (e.g. Saudi artists).

Community Incentives: Engage users in 2023 through NFT airdrops (e.g., Al-Shabab Ticketing NFT, October 2023) and artist rewards, and reach thousands of users through TAJ Group events in November 2023.

Brand support: In 2023, it provided white-label NFT marketplace and ticketing solutions for sports clubs (such as Al-Shabab) and event organizers (such as TAJ Group), and in October 2023, LinkedIn feedback praised the efficiency of the customization service.

User support: One-on-one support via Discord and Twitter in 2023, QR code verification tutorial for Al-Shabab ticketing users in October 2023, and community size not disclosed in 2023. In 2023, LinkedIn (5,403 followers, October 21, 2023) reported that users were satisfied with the ticketing function, and participated in Seamless Middle East in October 2023 to strengthen the community. In November 2023, Twitter (@niftysouq) reported that users were actively interactive, and some users reported that they needed technical guidance for their first NFT minting (October 2023). No specific training program size, number of users, or community growth data were disclosed.

★ Core Business & Services

NIFTY Souq's core business is NFT marketplace and Web3 solutions, focusing on the arts, music, sports and ticketing sectors in the MENA region, and its main services include:

NFT marketplace: In 2023, it will support the minting, buying, selling and auction of digital art, music, sports collectibles and brand NFTs, covering Ethereum, Polygon, Tezos and Solana, launch the "Legendary Palms" NFT collection in 2023, and cooperate with the Al-Shabab Club in October 2023 for NFT ticketing.

Virtual Ticketing NFT: Launched an NFT ticketing system in October 2023 to provide secure and transparent ticket sales to prevent counterfeit tickets and scalping, supported TAJ Group's "Elite Stand Up Comedy Show" in November 2023, and participated in the Seamless Middle East exhibition in October 2023 to discuss ticketing technology.

Web3 solutions: white-label NFT marketplace and metaverse integration for brands and sports clubs in 2023, virtual experiences with Al-Shabab Club in 2023, and the specific project scale is not disclosed in 2023.

Creator empowerment: Attract artists and musicians in 2023 with zero minting costs (platform subsidized gas fees) and exclusive support, and support independent creators in the MENA region (such as Saudi artists, undisclosed list) in 2023. The clients include retail users (NFT collectors, fans), institutions (sports clubs, brands, event organizers) and high-net-worth individuals (art collectors). The operating model generates revenue through NFT transaction fees (2.5%), ticket sharing, white label service fees, and cryptocurrency payments.

★ Technology Fundamentals

NIFTY Souq's technical infrastructure is based on blockchain and the cloud:

the blockchain protocol: In 2023, Ethereum (ERC-721, ERC-20 standards), Polygon, Tezos, and Solana will be supported, and NFT minting, trading, and ticket verification will be performed, and Ethereum will account for the main trading volume in 2023 (the specific proportion is not disclosed).

NFT marketplace platform: In 2023, the NFT marketplace and ticketing system will be hosted through a cloud server (presumably Amazon Web Services, AWS), integrating APIs to support OpenSea, Stripe, and Joi, and optimizing transaction speed and ticket verification in 2023.

Smart contracts: Execute NFT transactions, ticket transfers, and digital gift distributions using Ethereum, Polygon, Tezos, and Solana smart contracts in 2023, with internal audits ensuring security and not disclosing third-party audits (such as OpenZeppelin).

Ticketing system: NFT ticketing module was launched in October 2023 to integrate QR code verification and on-chain records, TAJ Group activities were supported in November 2023, and no technical vulnerabilities were reported in 2023.

Data security: In 2023, SSL/TLS encrypted communication will be adopted, KYC data storage will comply with CCPA, GDPR and UAE data protection regulations, transaction records will be stored on the chain, and the platform will protect assets through multi-signature wallets (multi-party authorization is required to improve security). In 2023, the platform will store NFT metadata through AWS (presumably), and in 2023, it will integrate Tezos and Solana to reduce energy consumption and transaction costs. No hacking incidents or technical vulnerabilities were reported in 2023, and smart contracts ensure transparency through decentralized protocols.

★ Compliance & Risk Control System

NIFTY Souq's compliance and risk control system is based on KYC/AML and blockchain transparency:

KYC/AML: In 2023, verify the identity of users participating in NFT transactions, ticket purchases, or white-label services through third-party services such as Sumsub, submit passports or government IDs, comply with the U.S. CCPA, EU GDD, UAE anti-money laundering regulations, and international anti-money laundering standards, and KYC data is stored in an off-chain encrypted database.

Transaction Monitoring: Record NFT and cryptocurrency transactions through the Ethereum, Polygon, Tezos, and Solana blockchains in 2023 to detect anomalous activity in real-time (such as wash trading, inflating prices through fake transactions) and reduce the risk of fraud.

Smart contract security: 2023 internal audit of smart contracts, October 2023 ticketing module passed testing, no third-party audits (such as OpenZeppelin) were disclosed, and vulnerabilities were not reported.

Data protection: User data is stored encrypted in 2023, compliant with CCPA, GDPR, and UAE data protection regulations, AWS (presumably) ensures data integrity, and no data breaches are disclosed in 2023.

Ticketing risk control: In October 2023, the NFT ticketing system prevented counterfeit tickets through on-chain verification and QR codes, and in November 2023, TAJ Group events did not report ticket fraud. In 2023, the U.S. SEC and the UAE VARA emphasized securities regulations and anti-money laundering compliance for the NFT market, and NIFTY Souq did not report violations. Decentralized protocols (smart contracts) and KYC verification enhance compliance, and the results of external regulatory audits are not disclosed in 2023. KYC verification can cause delays in the initial transaction, with 2023 user feedback (LinkedIn, October 2023) showing that verification takes 1-2 days.

★ Market Positioning & Competitive Advantage

NIFTY Souq is positioned as the leading NFT marketplace and Web3 platform in the MENA region, serving artists, musicians, sports clubs, brands, and collectors. Its competitive advantages include:

Zero minting costs: In 2023, the platform subsidizes gas fees (minting NFTs is free), lowering the barrier to entry for artists, which is better than OpenSea (users pay gas fees, with an average of 0.01-0.05 ETH in 2023).

Localization support: In 2023, it will provide English and Arabic interfaces, add French, and in 2023, it will cooperate with Al-Shabab Club and TAJ Group to deepen the MENA market and distinguish it from global platforms (such as Rarible).

Ticketing innovations: Launched an NFT ticketing system in October 2023 to prevent counterfeit tickets and scalping, and supported TAJ Group events in November 2023, which is superior to traditional ticketing platforms such as Ticketmaster.

Multi-chain support: integration of Ethereum, Polygon, Tezos, and Solana in 2023, lower transaction costs than OpenSea in 2023 (specific rates not disclosed), and reduced energy consumption in Tezos and Solana in 2023.

Inclusive payments: Credit cards (Visa, Mastercard) and cryptocurrencies (ETH, USDC) will be supported in 2023, and fiat purchases will be simplified through Stripe in 2023 to attract non-crypto users. Compared to OpenSea (a global NFT marketplace), Rarible (creator-driven), or Nuqtah (a Saudi NFT platform), NIFTY Souq has advantages in localized services, zero minting costs, and ticketing NFT innovation in the MENA region, but the market size is small, with undisclosed trading volume in 2023. In October 2023, LinkedIn reported that the platform dominated the NFT market in the MENA region (exact share not disclosed).

★ Social Responsibility & ESG

NIFTY Souq's social responsibility focuses on creative economy empowerment and environmental sustainability:

Creative Empowerment: Empowering artists and musicians in the MENA region with zero minting costs and localization support in 2023, In October 2023, it cooperated with the Al-Shabab Club in Saudi Arabia to support NFT ticketing, indirectly promoting the development of creative culture.

Environmental sustainability: Integrate Tezos and Solana in 2023 (low-energy blockchain, Tezos consumes about 0.0001 kWh of energy per transaction, 99% lower than Ethereum PoW), committed to green blockchain in 2021 (Ethereum will switch to PoS in 2022), and did not disclose specific carbon footprint data in 2023.

Community Inclusion: In 2023, credit card payments and multi-language interfaces (English, Arabic, French) will be supported, and the participation threshold for non-crypto users in the MENA region will be lowered, and TAJ Group's activities in November 2023 will attract diverse users. Failure to disclose specific financial data or investments in environmental and social governance (ESG), such as carbon emission reduction projects or public welfare foundations. In 2023, no public welfare projects or employee diversity policies were reported, and NFT ticketing and artist support indirectly contributed to the cultural economy.

★ Financial health

NIFTY Souq's financial data is as follows:

September 20, 2022: $1.5 million seed round from Palm Ventures, Falak Investment Hub, Fitzy Fund, and angel investors in the UAE, Saudi Arabia, and the U.S., with funds for technology upgrades and platform expansions.

2023: Revenue is mainly generated by NFT transaction fees (2.5%), ticket sharing (undisclosed rates), white label service fees, and cryptocurrency payments, the exact amount of which is not disclosed.

October 2023: Launched NFT ticketing in partnership with Al-Shabab Club, supported TAJ Group events in November 2023, reflecting business growth, revenue figures not disclosed. As of June 2025, the company has no debt record, maintained operations in 2023 through $1.5 million in funding and diversified revenue (ticketing, NFT trading), and LinkedIn (5,403 followers, October 21, 2023) reported active business. The contraction of the NFT market in 2023 (95% of NFT collectibles value to zero, industry TVL declines) could impact revenue, and NIFTY Souq diversifies the risk with ticketed NFTs and white-label services. In September 2022, CB Insights estimated that the global NFT market was worth $15.7 billion in 2021 and is expected to reach $122.43 billion in 2028 (CAGR 34.10%), with NIFTY Souq not disclosing a specific market share.

★ Future Roadmap

NIFTY Souq has not disclosed a detailed roadmap for the future, based on the 2023 event, the following are known plans:

Ticketing Expansion: NFT ticketing to be launched in October 2023, In 2024, it is planned to deepen cooperation in sports and entertainment activities in the MENA region, and no new customers were disclosed after the TAJ Group event in November 2023.

Chain integration: Ethereum, Polygon, Tezos, and Solana will be supported in 2023, and Flow and Avalanche are planned to be explored in 2024 to reduce transaction costs and energy consumption, and no specific progress will be disclosed in 2023.

Web3 solutions: white-label NFT marketplace and metaverse integration for brands in 2023, plans to expand to virtual exhibitions and gamified experiences in 2024, and no new projects disclosed in 2023.

Market expansion: Focus on Saudi Arabia and the United Arab Emirates in 2023, Egypt, Qatar and Jordan in 2024, and no new market progress will be disclosed after the Seamless Middle East exhibition in October 2023.

Technology upgrades: Optimize credit card payments and QR code ticketing in 2023, plans to enhance AI-powered NFT recommendations and ticket analysis in 2024, and AI development details are not disclosed in 2023. Implementation may be affected by NFT market volatility, blockchain technology development, or regulatory changes, and no new funding plans or specific targets for 2024 (such as user growth or revenue) were disclosed in 2023. In October 2023, LinkedIn said that the platform will continue to invest in NFT and ticketing innovation in the MENA region, and confirmed the TAJ Group cooperation in November 2023, without providing a detailed timeline.