The first legal NFT marketplace in Saudi Arabia, according to Nuqtah, intends to expand its operations using the new funding.
Nuqtah, an NFT marketplace, received its early funding from Polygon and Animoca Brands.
With the money, Nuqtah plans to expand its operations through 2023.
By placing the highest offer possible on Nuqtah, the first NFT marketplace in the MENA, Animoca Brands is re-engaging with the market. The web3 venture capitalist, who co-led the company’s seed round with Polygon, wants to encourage local creators and broaden its portfolio.
The first NFT market in Saudi Arabia is called Nuqtah. Also, it is the first Web 3 project authorised by the Ministry of Investment and the Ministry of Communication in Saudi Arabia.
Although the details of the financing are still being worked out, Nuqtah intends to use the money to grow its company. The NFT marketplace intends to enhance its operations in the upcoming 12 months, including talent acquisition, marketing, and product development. The NFT marketplace introduces chances in the local web3 sector in an effort to empower its developers and users.
Users and enterprises can create, implement, and profit from NFT collections using the Saudi NFT marketplace without having to learn how to utilise challenging blockchain tools. The funding and resources from Animoca Brands will put Nuqtah in a special position to develop regional creative and technical skills and support a thriving web3 community in MENA.
Yat Siu, co-founder and executive chairman of Animoca Brands, said:
“Our investment in Nuqtah is another another significant step in our resolve to strengthen the Web3 sector in the MENA and expand our own skills there. We anticipate that Nuqtah, a significant pioneer, will significantly increase the adoption of Web3 and NFT in the Middle East. We’ll keep growing our operational footprint and working with regional strategic partners who want to implement Web3.”
On March 3, 2023, Animoca Brands entered the MENA market for the first time. To advance MENA businesses into web3, the venture capitalist deliberately joined with Saudi Arabia’s Manga Studios, a games development company.
By investing in Nuqtah, Animoca Brands will diversify its portfolio in the MENA area and reinforce its dedication to developing the web3 infrastructure there.
Saudi Arabia’s first female-run NFT market
Nuqtah is led by Salwa Radwi, a Web3 enthusiast, artist, and award-winning photographer. In order to establish the NFT marketplace as a pioneering web3 developer and provider in the MENA region, she launched it in 2021. In the Saudi Arabian NFT industry, she was also one of the first female entrepreneurs and CEOs. An additional co-founder of Radwi has previously held positions at Careem and Oracle, among other significant area businesses.
Nuqtah’s creator and CEO, Salwa Radwi, revealed:
It has been incredibly motivating to see Animoca Brands establish the Web3 scene as a pioneer and enabler. We are extremely proud of the faith you have shown in Nuqtah by making this commitment. To fully realise the enormous potential and opportunities in the Middle East, we look forward to cooperating.
On the other hand
- Studies show that the NFT market in MENA expanded by 48.3%, reaching a $3.4 billion valuation. By 2028, the industry is expected to be worth $18.1 billion.
- A Memorandum of Understanding (MOU) was signed between Animoca’s Subsidiary Sandbox and the Saudi Arabian Digital Government Authority on February 7. (DGA).
Why It’s Important
With major centres like Dubai promoting themselves as the global capital of cryptocurrency, the MENA area is quickly developing into a powerhouse for web3 technology. The region has embraced web3 technology in the majority of its infrastructures, creating a flourishing market for web3 products. The market may move in the right way as a result of the investment and strategy of Animoca Brands.
Read more about Animoca’s most recent collaboration:
Animoca Brands to Expand the MENA Region’s Web3 Sector.
See out how DressX raised $15 million here:
Warner Music Supports DressX NFT Venture in $15 Million Round