Today, a Saudi Arabia NFT marketplace, Nuqtah secured a strategic funding from popular web3 firms, Animoca brands and Polygon. This development was confirmed in a recent Twitter post by Animoca brands. Worthy of note that other regional investors also participated in the funding.
Occasioned by this funding by Animoca brand and others, Nuqtah will now be able to enhance its industry network and operational resources. Further, the NFT marketplace plans to harness the funds to empower local artists and technical talent within the industry. By so doing, Nuqtah seeks to actualize its vision of fostering the growth of a vibrant Web3 industry in Saudi Arabia and the world at large.
According to Animoca brands, the NFT marketplace will also leverage on the investment to scale up its business over the next 12 months, particularly in the areas of its product development, marketing, talent acquisition, and other operations. It is noteworthy that Nuqtah is the first NFT marketplace place in the country. Just recently, it obtained a regulatory license from the Ministry of Communications, Information Technology and the Ministry of Investment. According to findings, Nuqtah is committed to empowering its creators and users to access the new opportunities enveloped in the web3 sphere. Reportedly, it provides an enablement for users to develop and monetize their NFT collections easily.
Animoca brand cementing its presence in the region through Nuqtah investment – CEO
Meanwhile, the executive chairman of Animoca Brands, Yat Siu made some comments about the strategic investment. Siu said the investment in Nuqtah signifies another meaningful step in the commitment to develop the Web3 industry in MENA. By virtue of this, the chairman believes Animoca brands has now been able to cement its own presence and capabilities in the region.
He described Nuqtah as an important pioneer of web3 revolution in Saudi Arabia. According to him, the NFT marketplace has what it takes to boost Web3 and NFT adoption in the Middle East. Siu, however, reiterates the commitment of the firm to continuously expand its operational presence in the region. Also, he affirmed the readiness of Animoca brands to partner with more actors in the region to foster web3 adoption.
Also, the CEO of Nuqtah, Salwa Radwi also reacted to the strategic investment in the firm. First, Radwi described Animoca brands as a big navigator of the web3 industry. He believes the investment in Nuqtah by the web3 firm and others reinforces their trust in its capacity. The CEO said his team looks forward to working together with these investors to further unlock the massive web3 opportunities in the Middle East.