UPYO Cancels Fees on Trading NFTs

UPYO, the largest NFT marketplace in the Middle East, announced its first surprise in 2023 by canceling all fees imposed on trading, buying, and selling NFTs on its marketplace.

UPYO’s move comes within a framework of its keenness to encourage Arab NFT artists in the region to release more digital collectibles and those who are interested to join the Web 3.0 world.

This step will motivate investors to handle digital assets on the platform as it will reduce the cost of buying and selling NFTs from UPYO without commission fees. Over the past period, the platform attempts to create a safe environment for the handling processes of digital collectibles to preserve the artists’ intellectual property.

The recent decision aimed to gain the trust of the Arab audience and build strong relations with the platform in light of the current hesitance of Arab people toward the NFTs, despite the high participation in this domain in the last year. The market is still ambiguous to many consumers who are not yet aware of what an NFT digital asset is and how to use it.

Earlier, UPYO launched initiatives to encourage the Arab public to acquire NFTs through it, as the platform had previously launched its own set of free giveaways from the ENS to encourage them to enter the NFT world. These giveaways were announced during its galleries in the metaverse. They were made up of five characters, including ENS code 3838. eth, and ENS code 7676. eth, and ENS code 8166. eth.

UPYO also held two NFT galleries in 2022, the first of which was on September 16 and the second one was on October 23.