Saudi NFT Marketplace Nuqtah Secures Seed Funding
Nuqtah, Saudi Arabia's first NFT marketplace, has raised an undisclosed amount in seed funding from Animoca Brands and Polygon, according to a blog post from Animoca Brands this morning.
❗ Why It Matters
The investment from leading Web3 companies will help Nuqtah to unlock the new opportunities that the Web3 space offers to the region and foster the development of a vibrant Web3 industry in Saudi Arabia and the broader region.
🔎 The Deets
- The new funding will be used to scale up Nuqtah’s business over the next 12 months.
- Nuqtah is the first NFT marketplace in Saudi Arabia and the first to be licensed by the Ministry of Communications and Information Technology and the Ministry of Investment.
- With the backing of Animoca Brands’ industry network and operational resources, Nuqtah is now uniquely positioned to empower local artists and technical talent to foster the development of a vibrant Web3 industry in Saudi Arabia and the broader region.
- Nuqtah is led by Salwa Radwi, an "award-winning photographer, artist and blockchain advocate."
🎤 Founder Feedback
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.Yat Sui, Animoca Brands co-founder
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