Last Updated on January 11, 2024 by Editor

Nuqtah is partnering with Consensys to stimulate the development of Web3-related companies in the KSA. The purpose of the cooperation is to enable Web 3 entrepreneurs in Saudi Arabia by sharing Consensys’ knowledge and skills. The partnership supports Nuqtah’s objective of increasing Web3 adoption as well as the Kingdom’s ambition to develop into a technological center. Nuqtah, a Saudi-based NFT marketplace intends to lead the acceptance of Web3 in the Middle East and North Africa by persistently building and supporting a comprehensive and robust infrastructure customized exclusively for MENA early pioneers.

As part of the ongoing development of Web3, the third version of the World Wide Web will be released soon. Its key features include blockchain, decentralization, transparency, and increased user efficiency. The collaboration between Nuqtah and Consensys is just the initial stage of unlocking and embracing this revolutionary world of innovation. It considerably expands the industry’s potential for Web3 start-ups.

Introducing Nuqtah’s New Partnership With Consensys

Salwa Radawi, Nuqtah’s CEO, revealed that the current partnership is only the beginning of their activities in this specialized area. The richest economy of the Arab world will benefit from this agreement because Consensys will share its knowledge and experience to promote web3-focused enterprises, according to a statement released by Nuqtah on Saturday. Since Saudi Arabia is concentrating on strengthening its tech industry, its latest cooperation with a US-based firm has been announced. KSA disclosed investments totaling more than $6.4 billion in emerging technology and business ventures to boost the nation’s digital economy. 

Evolving The Web With Consensys

Web3 has been viewed as an opportunity to promote a decent, more equitable system. The current iteration of the World Wide Web was developed in the middle of the 2000s and is called Web2. According to Consensys, the adoption of high-end technologies would enable Web3 to reach the pinnacle compared to Web2. Infura and Ethereum infrastructure that Nuqtah already has makes Saudi Arabia a very attractive market for ConsenSys. The latest funding round was recently announced for Nuqtah, which aims to raise $5 million from prominent investors, such as Sanabil, Shorooq Partners, and 500 Global.

NFT Space In Saudi Arabia And The Growing Concerns It Raises

Digital collectibles are taking off worldwide. In Saudi Arabia, the Visual Arts Commission of the Saudi Arabian Culture Ministry and Sotheby’s announced a new digital arts venue this February. An NFT branch and a dedicated space called “Sotheby’s Metaverse” have both been built by Sotheby’s in recent months. With the advancement of the NFT industry, several concerns such as fraud have arisen. The Saudi government is taking steps to cope with these rising NFT scams and provide investors with a transparent system.

Developing Markets For The Next Version Of The Web

In 2023, it has been predicted that the Web3 market will grow to a size of roughly $6.2 billion. Market Research Future anticipates that Web3 will expand between 2023 and 2030 at a compound annual rate above 44%. On the other hand, Web2 has enabled people all around the world to instantly access user-generated material, which has led to the creation of increasingly dynamic web pages. Recently Consensys said in a statement that Web3 growth is expected to be extremely high in the region as new technologies are adopted.