Nuqtah, the first NFT marketplace in Saudi Arabia, completed its first seed funding round. The round was led by Animoca Brands, with participation from Polygon and several local investors.
The funds collected from the seeding round will be utilized to scale Nuqtah’s business in the upcoming 12 months. As the first NFT platform in Saudi, Nuqtah has gained a license from the Ministry of Communications and Information Technology.
In addition, the Ministry of Investment has also provided a license to the platform. The NFT marketplace aims to empower businesses, users, and creators to explore the opportunities in Web3.
Nuqtah helps businesses and individuals to design, release, and monetize their NFT collections. This entire process does not require complicated navigation across the blockchain framework.
The support provided by Animoca Brands is also significant, given the company’s massive operational resources and industry network. The gaming provider has positioned Nuqtah to help local technical talent and artists to explore Web3 easily.
Yat Siu, Animoca Brand’s Co-Founder and Executive Chairman, recently talked about the development. According to Yat, the investment in Nuqtah is a meaningful step towards the development of Web3 in MENA. It also boosts Animoca Brands’ ability to promote NFT adoption in the region.
The company will continue to expand its operational presence while collaborating with local partners looking to learn more about Web3, added Yat.
Animoca Brands even released an official post to inform users about the development. The post talks about Salwa Radwi, the award-winning artist, photographer, and blockchain supporter. The Web3 supporter has been leading Nuqtah ever since its launch in 2021 as a unique blockchain service provider.
Salwa also expressed delight about the recent funding round, which will boost Nuqtah’s presence across MENA.