- Saudi Arabia’s first licensed NFT platform Nuqtah backed by Animoca Brands and Polygon through seed funding.
- Nuqtah will utilize the funds to scale up its business in the coming twelve months.
- The move has put Nuqtah in a position to empower technical talent and local artists in Saudi Arabia and the MENA region.
Saudi Arabia’s NFT marketplace platform Nuqtah shared on Twitter about raising a seed round fund led by Animoca Brands, with participation from Polygon and regional investors. The funding will support Nuqtah scale up its business during the coming 12 months in areas such as marketing, product development, talent acquisition, and other operations.
Nuqtah is Saudi Arabia’s first NFT marketplace, besides being the first one to be licensed by the Ministry of Communications and Information Technology and the Ministry of Investment. The company aspires to empower businesses, creators, and users to unveil new opportunities offered by the Web3 space.
The platform enables businesses and individuals to create, use, and monetize NFT collections without navigating the complex blockchain infrastructure.
Animoca Brands’ support will allow Nuqtah to empower technical talent and local artists to promote a lively Web3 industry’s development in Saudi Arabia and the broader region.
Executive chairman and co-founder of Animoca Brands, Yar Siu, said that investing in Nuqtah is a relevant move in their commitment towards creating the Web3 industry in MENA other than developing their abilities in the region.
Siu added that Nuqtah is a crucial pioneer, and they expect it to be a great help to increase NFT and Web3 adoption in the Middle East. He further said that they will consistently grow their operational presence and partner with local strategic partners who are keen to adopt Web3.
Nuqtah is directed by Salwa Radwi, who is popular as an award-winning photographer, artist, and Web3 and blockchain advocate.
In 2021, Radwi founded Nuqtah to function as an exclusive blockchain technology provider and developer in the MENA region. She is joined by co-founders who have earlier worked at prominent firms such as Oracle and Careem.
Radwi said that seeing Animoca Brands pioneer and allow the Web3 space from day one is inspirational, and they are honored about trusting Nuqtah via this investment. They are looking forward to working together and unveiling the huge capabilities and opportunities in the Middle East.
The strategic investment in Nuqtah will further grow the Animoca Brands portfolio in MENA and reconnect its commitment to figure out and support standard projects in the Web3 space of the region.