Nuqtah, the first NFT marketplace platform in Saudi Arabia, has announced that it has successfully raised a seed round of funding led by Animoca Brands, a global leader in blockchain, gaming, and digital entertainment.
The investment round also included participation from Polygon and regional investors. With the new funding, Nuqtah aims to scale up its business over the next 12 months, empowering its creators, businesses, and users to unlock the new opportunities that the Web3 space offers to the region.
Nuqtah is the first NFT marketplace in Saudi Arabia, and it is also the first to be licensed by the Ministry of Communications and Information Technology and the Ministry of Investment. Its mission is to allow individuals and businesses to easily build, deploy, and monetize NFT collections without having to navigate complicated blockchain infrastructure.
The backing of Animoca Brands’ industry network and operational resources will provide Nuqtah with the necessary support to foster the development of a vibrant Web3 industry in Saudi Arabia and the broader region. The investment reaffirms Animoca Brands’ commitment to identifying and supporting high-quality projects in the region’s Web3 ecosystem.
Salwa Radwi, the founder and CEO of Nuqtah, expressed her excitement about the partnership with Animoca Brands, saying that “Watching Animoca Brands pioneer and enable the Web3 scene since day one has been so inspirational, and so we take great pride in the trust placed in Nuqtah through this investment. We look forward to working together to unlock the massive potential and opportunities in the Middle East.”
Yat Siu, the executive chairman and co-founder of Animoca Brands, also expressed his enthusiasm for the partnership with Nuqtah, stating that “Nuqtah is an important pioneer, and we anticipate that it will greatly help to boost Web3 and NFT adoption in the Middle East. We will continue to expand our operational presence and collaborate with local strategic partners looking to adopt Web3.”
The new funding will be used to scale up Nuqtah’s business over the next 12 months in the areas of product development, marketing, talent acquisition, and other operations. With the support of Animoca Brands, Polygon, and regional investors, Nuqtah is now uniquely positioned to empower local artists and technical talent and to create a vibrant Web3 industry in Saudi Arabia and the broader region. – BusinessNewsAsia.com