Saudi’s First NFT Marketplace Raises Seed Funding:
Startups are undoubtedly central to the digital ecosystem of every country. Since the popularity of NFTs exploded in 2020, many startups have emerged to expand NFT adoption. Saudi Arabia currently has a budding NFT startup ecosystem, and Nuqtah, a recently established startup, seems to be blazing the trail.
What is Nuqtah?
Nuqtah is a Saudi Arabian startup and Web 3 enabler which was established in 2021 by Salwa Radwi, making her the first female NFT founder in Saudi Arabia. Ever since, Nuqtah has grown to become the most prominent NFT player in Saudi Arabia. The company provides a platform for MENA artists to showcase their work. It also intends to support creators in the Middle Eastern Web 3 ecosystem. The company is the first NFT marketplace to be licensed by the Ministry of Communications and Information Technology in Saudi Arabia.
The company recently received undisclosed seed funding led by Animoca brands. While the funding was led by Animoca Brands, other investors like Polygon also pulled their weight. According to Nuqtah, the funds will be used to expand the company’s business through areas like product development, talent acquisition, and marketing. This new capital injection will be highly beneficial for Nuqtah and its operations.
Animoca Brands, the round’s lead investor, is not new to the investing ecosystem. The company has hundreds of companies in its portfolio across industries like entertainment and blockchain. Animoca Brands recently signed a Memorandum of Understanding (MoU) with Manga Productions, one of the leading animation companies. The partnership is expected to enhance the Web3 ecosystem in the Middle East and Northern Africa region. Animoca Brands also has a portfolio of 380 Web 3 investments comprising companies like OpenSea, Axie Infinity, Star Atlas, Colossal, Alien Worlds, and Yield Guild Games.
Impacts on the Saudi Arabian NFT Ecosystem
Nuqtah’s seed funding undoubtedly sets a trend for other NFT companies to follow. However, apart from that, it shows that the NFT industry in Saudi Arabia has been receiving significant global attention. With companies like Polygon and Animoca Brands backing a funding round for a Saudi Arabian startup, more investors are likely to pay closer attention to the Kingdom’s budding NFT ecosystem. This trend will encourage more Saudi Arabian founders to establish startups and contribute to the rise of NFT adoption in Saudi Arabia and the Middle East.
Moreso, there have been significant doubts about NFT’s ability to stand the test of time and maintain investors’ interest. Nuqtah’s recent seed funding is a testament to the fact that investors are still significantly interested in the NFT industry and its endless potential.
Nuqtah has made a name for itself through this record-breaking seed funding. The funding will likely increase the company’s ability to expand its operations and acquire a significant market share.