It is no gainsaying that the Non-fungible tokens space is dynamic, especially considering that its application is steadily spreading across various sectors and making life easier for everyone. One such area is budding companies seeking to introduce one value or another into society. Of course, at the forefront of this newfound application of NFTs are startups in Saudi Arabia and most parts of the Middle East. Some of the top startups in Saudi Arabia have employed NFTs directly or indirectly to add value and equity to the country.
5 Top NFT-related Startups in Saudi Arabia
Rezq Wallet
Rezq is a startup founded in 2021 to convert traditional assets and finance into digital tokens and assets. At its inception, Rezq Wallet was concerned with creating value for customers by ensuring fast and secure value transfer from traditional investments to digital assets and from digital assets to another. With Rezq, customers have complete control over their assets and can swap them whenever they choose. One can buy, store, receive, send, and track all cryptocurrency. Since its inception, the startup has raised about USD 150 million in equity, steadily gaining popularity. It currently has access to about five cryptocurrencies and platforms.
Nuqtah
In 2021, a web 3.0 advocate, Salwa Radwi, founded Nuqtah to enable users to easily access a platform that allowed them to create, deploy, and trade NFT collections. After the platform’s announcement, it quickly gained traction, raising a seed round of funding sponsored by Animoca Brands, Polygon, and other Middle East investors. Aside from allowing complete independence of NFT collections and creations, the platform also rewards customers and creators with tokenized gifts, points, and badges. Some of the cavities Nuqtah attempts to seal include physical and digital assets management and tracking, including ownership of assets. Nuqtah has wholly revolutionized the NFT marketplace in Saudi Arabia, allowing for the country’s valuation and economic spread of NFTs.
Wizara
Wizara describes itself as a pioneering firm with several productions and futuristic projects. It believes itself rooted in visionary curation and analytical research, which is the beginning of a paradigm for the Arab arts scenes. These assertions by Wizara are rightly so because it is one of the first creative galleries that is web 3.0 centered. It is a gallery displaying creatives in digital forms and expression – especially NFTs. Imagine an intersection between Web 3.0, blockchain technology, and the traditional arts we know. That imagination? Wizara makes it a reality
OQOD
Oqod has a pretty simple task. Its value as a startup is to convert real estate securities into tokens to raise funds for real estate developers and provide easy access to real estate stakes. The startup is a bit green behind the ears, having been found just in 2022, but it is doing tremendously well.
Conclusion
These startups have humble beginnings but are well on their way to becoming reputable companies in Saudi Arabia and outside the region. You can find out more about these startups by consulting their web pages.