Saudi Arabia-based NFT marketplace Nuqtah raises seed funding

Saudi Arabia-based non-fungible token (NFT) marketplace Nuqtah has raised an undisclosed seed round led by Animoca Brands. The round also saw participation from Polygon and regional investors.

The fresh capital will be utilised in scaling up Nuqtah’s business over the coming 12 months. The areas of focus will comprise product development, talent acquisition, marketing, and other operations.

Nuqtah is the first NFT marketplace in Saudi Arabia and also the first to be licensed by the Ministry of Communications and Information Technology and the Ministry of Investment, read a press statement shared by Wamda.

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Founded by Salwa Radwi in 2021, the marketplace facilitates individuals and businesses to create, deploy as well as monetise NFT collections. Its aim is to support creators, users, and businesses to explore the opportunities offered by the Web3 space in Saudi Arabia and the wider Middle East. Radwi is one of the first women founders and CEOs in the country's NFT landscape.

“We will continue to expand our operational presence and collaborate with local strategic partners looking to adopt Web3,” said Yat Siu, Executive Chairman and Co-founder of Animoca Brands.

At present, Animoca Brands boasts a growing portfolio of over 380 Web3 investments. These include Harmony, Colossal, Alien Worlds, Axie Infinity, Star Atlas, OpenSea, Yield Guild Games, and Dapper Labs (NBA Top Shot), among others.