The first NFT marketplace platform in Saudi Arabia, Nuqtah, revealed today that it has secured a seed round of funding led by Animoca Brands and including Polygon and local investors. Over the following 12 months, Nuqtah will expand its operations using the additional funding.
The Ministry of Communications and Information Technology and the Ministry of Investment granted licences to Nuqtah, the first NFT platform in Saudi Arabia. The goal of Nuqtah is to enable its creators, companies, and users to take advantage of the new possibilities that the Web3 space presents for the area. Using Nuqtah, people and organisations can quickly create, implement, and monetize NFT collections without needing to understand convoluted blockchain infrastructure.
Nuqtah is now in a unique situation to support the growth of a thriving Web3 industry in Saudi Arabia and the rest of the region thanks to the support of Animoca Brands’ industry network and operational resources.
Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “Our investment into Nuqtah is another meaningful step in our commitment to build up the Web3 industry in MENA as well as develop our own capabilities in the region. 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.”
Salwa Radwi, an accomplished photographer, artist, and supporter of Web3 and blockchain, is the founder and CEO of Nuqtah. She became one of the first female founders and CEOs in Saudi Arabia’s NFT scene when she created Nuqtah in 2021 to act as the region’s first blockchain technology provider and developer. The co-founders of Salwa include former employees of well-known corporations like Careem and Oracle, and because to their significant industry knowledge, Nuqtah has grown to be a well-known and well-respected proponent of Web3 in the Kingdom.
Nuqtah’s founder and CEO, Salwa Radwi, commented: “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.”
With the fresh funding that was just revealed, Nuqtah will be able to expand its operations and product development over the course of the next 12 months.
The strategic investment into Nuqtah broadens Animoca Brands’ portfolio in the MENA region and reinforces its dedication to finding and assisting top Web3 initiatives there. Prior to this, Animoca Brands established a strategic partnership with Manga Productions, the top Middle Eastern producer of animation, comics, and games, with the aim of collaborating on Web3 pilot projects, expanding the local blockchain market, and promoting educational opportunities in relevant fields.