• 13 July, 2024
News

Polygon x Animoca Brands Seed Fund Nuqtah NFT Marketplace

Saudi Arabia’s first NFT marketplace platform, Nuqtah, has announced to have raised funding via a seed round led by Animoca Brands, Polygon, and regional investors.

The fresh funding will reportedly “be used to scale up Nuqtah’s business over the next 12 months.” Nuqtah will reportedly utilize the new funding to boost its “areas of product development, marketing, talent acquisition, and other operations.”

Sharing the breaking news, Animoca Brands tweeted:

Yat Siu, executive chairman and co-founder, Animoca Brands, said, 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 & we anticipate that it will greatly help to boost #Web3 & #NFT adoption in the Middle East. We will continue to expand our operational presence & collaborate with local strategic partners looking to adopt Web3.

Source: Animoca Brands

The debuting NFT marketplace of Saudi Arabia, Nuqtah is the first such Ministry of Communications and Information Technology and the Ministry of Investment-licensed NFT marketplace.

Nuqtah intends to “empower its creators, businesses, and users to unlock the new opportunities that the Web3 space offers to the region.” With Nuqtah, beyond the complex blockchain infrastructure, individuals and businesses can simplify building, deploying and monetizing NFT collections.

In 2021, Nuqtah was co-founded by Salwa Radwi, “an award-winning photographer, artist, and Web3 and blockchain advocate.”

Salwa Radwi, founder and CEO, Nuqtah, said, 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.

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