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Anvi Saini
Anvi Saini
Mar 17, 2023
News

Saudi NFT Marketplace Debut: Animoca & Polygon Support

Nuqtah, Saudi Arabia's first NFT marketplace platform, has secured a seed round of investment headed by Animoca Brands, with participation from regional investors and Polygon
Saudi NFT Marketplace Debut: Animoca & Polygon Support

Nuqtah aims to empower creators, businesses, and users to take advantage of Web3 opportunities in the region. The platform is licensed by the Ministry of Communications and Information Technology and the Ministry of Investment. 

Funding details and support from Animoca Brands

The funding will enable Nuqtah to expand its business over the next year in the following:

  • marketing, 
  • talent acquisition, 
  • product development, and
  • other operations. 

Animoca Brands will provide industry network support and operational resources to Nuqtah. They will position the platform to empower local artists and technical talent to foster the development of a vibrant Web3 industry in Saudi Arabia and the broader region.

Salwa Radwi, founder and CEO of Nuqtah, is a renowned photographer and blockchain and Web3 advocate. She launched the firm in 2021 to be the first-of-its-kind blockchain technology supplier and developer in the MENA region. In addition, Radwi is joined by co-founders who have previously worked at big corporations such as Oracle and Careem. 

Expansion of Animoca Brands' portfolio in MENA

The investment into Nuqtah expands Animoca Brands' portfolio in MENA. This reaffirms its commitment to identifying and supporting high-quality projects in the region's Web3 ecosystem. The company has previously entered a strategic partnership with Manga Productions, the leading animations, comics, and games production company in the Middle East. 

Web3 and NFT adoption in the Middle East

Animoca Brands' investment and industry network will significantly aid Web3 and NFT uptake in the Middle East. It will unlock the massive potential and opportunities in the region. Given that, Nuqtah's goal is to make it simple for people and organizations to build, manage, and monetize NFT collections without navigating complex blockchain infrastructure. This strategic investment will greatly help Nuqtah to achieve its goal. Further, it will enable creators, businesses, and users to take advantage of the opportunities offered by the Web3 space in the region.

The investment and support from Animoca Brands will enable Nuqtah to scale up its business. Moreover, it will empower local artists and technical talent to foster the development of a vibrant Web3 industry in Saudi Arabia.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
Posted: 17 Mar, 2023 19:24 • Updated: 06 May, 2024 05:04
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