The first NFT marketplace in Saudi Arabia, Nuqtah announced a new seed funding round, which was led by Animoca Brands along with participation from Polygon and other local investors.
The funding round will help Nuqtah accelerate its growth and expand its businesses.
The accumulated fund generated from seed funding will be used to scale up its business over the next 12 months in specific areas, including product development, marketing, talent acquisition, and other operations.
Nuqtah is approved by the Ministry of Communications and Information Technology and the Ministry of Investment. The platforms allow digital artists and creators to “easily build, deploy and monetize NFT collections without having to navigate complicated blockchain infrastructure”.
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“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,” Yat Siu, a co-founder of Animoca Brands, stated. “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.”