As blockchain technology gains global momentum, the MENA region is turning an interested eye to this ground-breaking innovation. Particularly, Non-Fungible Tokens (NFTs) and 'phygital' (physical + digital) technology applications in the cultural, artistic, and collectibles sectors are garnering industry recognition. The MENA region has recently seen a surge in demand for services that convert traditional physical collectibles into NFTs through blockchain technology, enhancing their circulation, collection, and promotion.
Company Growth
Fraktiq, an innovative startup, specializes in utilizing blockchain technology, notably NFTs and phygital technology, to fragment physical collectibles and trade them on the blockchain. "Fraktiq emerged from the concept of fusing the unique art and antique market with NFTs' digital traits. Fragmenting ownership not only widens market accessibility but also makes it more appealing for collectors and investors alike," elucidated Randy, a co-founder of Fraktiq.
Since its inception in early 2021, Fraktiq has grown into a significant force in Hong Kong and Dubai. The company has offered tech consulting and solutions to a range of clients and procured a DMCC license in Dubai. Razwa, another co-founder, elaborated on the decision to set up offices in Dubai and Hong Kong, remarking, "Collectors in Asia and the MENA region share similar values. We strived to deliver superior, internationally recognized services based on Hong Kong and Dubai's market depth and international character."
Fraktiq intends to aid more clients in digitizing and circulating their collections using refined blockchain technology and service solutions, extending their business scope. As a company engaged in the cultural and artistic sector, Fraktiq acknowledges the crucial role of cultural heritage promotion. By offering blockchain solutions for collectibles, the company facilitates wider dissemination channels for various cultures, histories, and arts.
Future Directions
Fraktiq continues to refine its technology and bolster its industry leadership. Randy laid out Fraktiq's five-year goals, "The aim is to become a trusted source of high-value, asset-backed NFTs, cultivating a reliable community for collectors and investors."
In line with their growth strategy, Fraktiq is working on LuxeVault, an e-marketplace solely for asset-backed NFTs, set to revolutionize the global trading of collectibles. Randy comments, "LuxeVault is central to our future, with the goal to redefine the collectibles market with novel trading experiences."
LuxeVault offers unique features like real-time valuation, providing accurate appraisals of asset-backed NFTs, unlike traditional collectibles. This enables users to make informed trading decisions.
Furthermore, LuxeVault prides itself on a robust verification process. Louis, another co-founder, declares, "Blockchain's immutability makes NFTs a reliable proof of asset ownership." By combining blockchain's attributes with rigorous verification, LuxeVault ensures that listed NFTs are legitimate.
Security is a priority for LuxeVault, using advanced measures and blockchain's inherent security to safeguard transactions.
Fraktiq anticipates LuxeVault being a catalyst for asset-backed NFTs, merging physical and digital worlds and democratizing access to valuable assets. Fraktiq is thus positioning itself to play a crucial role in the future of the NFT market, leading the phygital revolution.
