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- The Polygon and Animoca brands lead the seed round for Nuqtah’s NFT market.
- Nuqtah will use the funds to scale its business during 2023.
Animoca Brands once again enters MENA with maximum offers in the region’s first NFT marketplace, Nuqtah. Web3 venture capitalists, along with Polygon, are leading the early rounds for the company and are looking to empower regional creators and expand its portfolio.
Pioneer
Nuqtah is the first NFT marketplace in Saudi Arabia. It is also the first web3 project licensed by the Ministry of Communication and Information Technology of Saudi Arabia and the Ministry of Investment.
While the specifics of the investment have not been determined, Nuqtah aims to use the funds to scale its business. Over the next 12 months, the NFT marketplace plans to increase product development, marketing, talent acquisition and other operations. The NFT marketplace seeks to empower its creators and users by introducing opportunities in the region’s web3 space.
The Saudi NFT marketplace will enable users and businesses to build, deploy and monetize NFT collections without navigating complex blockchain tools. Animoca Brands’ investment and resources will uniquely position Nuqtah to nurture local artist and technical talent and foster a vibrant web3 community in MENA.
Yat Siu, executive chairman and co-founder 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.”
Animoca Brands first entered the MENA market on March 3, 2023. The venture capitalist strategically partnered with Saudi Arabian game production company Manga Productions to propel MENA companies to web3.
The investment in Nuqtah will expand Animoca Brands’ portfolio in MENA and reaffirm its commitment to building web3 infrastructure in the region.
First Women Managed NFT Market in Saudi Arabia
Salwa Radwi, an award-winning photographer, artist and Web3 aficionado, pioneered Nuqtah. He founded the NFT marketplace in 2021 to serve as the first web3 developer and provider of its kind in the MENA region. She is also the first female co-founder and CEO of the Saudi Arabian NFT landscape. Radwi joins a co-founder who previously worked at large regional companies, including Careem and Oracle.
Salwa Radwi, founder and CEO of Nuqtah, shares:
“Watching Animoca Brands pioneer and enable the Web3 scene since day one has been so inspirational. 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.”
On Flipside
- According to research, the NFT industry in MENA grew by 48.3% to a valuation of $3.4 billion. The industry is projected to reach a valuation of $18.1 billion by 2028.
- On February 7, Animoca Subsidiary Sandbox signed a memorandum of understanding (MOU) with the Saudi Arabian Digital Government Authority (DGA).
Why You Should Care
The MENA region is becoming a hub for web3 technology, especially with urban cities like Dubai declaring itself the crypto capital of the world. This region is a growing market for web3 products and has adopted web3 technologies in a large part of its infrastructure. Animoca Brands investments and leads can help steer the market in the right direction.
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Read more about Animoca’s recent partnership:
Animoca Brand to Grow the Web3 Industry in the MENA Region.
Read how DressX raised $15 million:
DressX NFT Venture Backed by Warner Music in $15M Round
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