NFTs are the new rage in today’s world and artists today are getting into the world of the non-fungible token platform to ensure their art reaches globally.

So, Palestinian entrepreneur Nabil Al-Sayed has launched a non-fungible token platform for the artists of the region. The first NFT platform in the region— NIFTY Souq, aims to give creatives in the Arab world ownership of their digital art.

Al-Sayed says that NFTs are proof of ownership and authenticity for creatives, such as artists, poets, musicians, and singers. “It’s a smart contract, which we call a token, which proves that a certain asset — usually a digital asset — belongs to someone,” he tells Arab News.

Artists in the MENA region are already starting to recognise the benefits of NFTs for the two C’s Creators and Collectors, thanks to the transparent transactional process safeguarding the artwork’s authenticity.

For instance, people can exchange a $10 banknote with two $5s, but non-fungible tokens cannot be replaced Al-Sayed says, adding, “Once an NFT is associated with any work, it proves that this work is original, and in the smart contract that is found in the NFT, it proves who owns this asset.”

The platform has been offering zero minting costs for all artists launching NFTs on the platform, allowing creatives to price their own NFTs and also get immediate profits and enjoy access to more fans.

The reason behind bringing the NFT platform for the local artists is to boost local artwork and artists in order to better help, support and grow this community.

“I think there could be collaborations in which NFTs could be associated with these platforms. But the future is unclear. It’s a new thing, so we will have to wait and see,” Al-Sayed said.