As blockchain technology becomes a global phenomenon, the Middle East and North Africa (MENA) region is paying close attention to this game-changing innovation. Specifically, Non-Fungible Tokens (NFTs) and 'phygital' (physical + digital) applications in the realm of culture, arts, and collectibles are receiving considerable attention. Services that transform traditional physical collectibles into NFTs via blockchain technology have seen a surge in demand in the MENA region, improving their circulation, collection, and visibility.
Fraktiq, an innovative startup, specializes in leveraging blockchain technology, notably NFTs and phygital technology, to fractionate physical collectibles and facilitate their trade on the blockchain. "The idea of Fraktiq stemmed from the desire to combine the distinctiveness of the art and antique market with the digital properties of NFTs. Fractionating ownership not only democratizes market access but also makes it more enticing for collectors and investors," explained Randy, a co-founder of Fraktiq.
Since its establishment in early 2021, Fraktiq has become a significant player in Hong Kong and Dubai. The company has provided technology consulting and solutions to various clients and acquired a DMCC license in Dubai. Razwa, another co-founder, shed light on their decision to open offices in Dubai and Hong Kong, stating, "Collectors in Asia and the MENA region share similar values. Our goal was to offer high-quality services recognized internationally, utilizing the market depth and global character of Hong Kong and Dubai."
Fraktiq plans to assist more clients in digitizing and distributing their collections via advanced blockchain technology and service solutions, expanding their business horizons. As a company immersed in the cultural and artistic sector, Fraktiq recognizes the importance of promoting cultural heritage. By providing blockchain solutions for collectibles, the company enables broader dissemination channels for diverse cultures, histories, and arts.
Fraktiq is continually honing its technology and strengthening its industry presence. Randy detailed Fraktiq's five-year objectives, saying, "Our goal is to become a trusted source of high-value, asset-backed NFTs and foster a reliable community for collectors and investors."
In alignment with their growth strategy, Fraktiq is developing LuxeVault, a unique e-marketplace exclusively for asset-backed NFTs, poised to transform the global trading of collectibles. Randy observes, "LuxeVault is central to our future, with the ambition to redefine the collectibles market by offering innovative trading experiences."
LuxeVault boasts distinctive features like real-time valuation, offering precise appraisals of asset-backed NFTs in contrast to traditional collectibles. This empowers users to make educated trading decisions. Furthermore, LuxeVault takes pride in its stringent verification process. Louis, another co-founder, asserts, "The immutability of blockchain makes NFTs a reliable proof of asset ownership." By marrying blockchain's features with rigorous verification,
