Saudi NFT Marketplace Nuqtah Raises Seed Funding From Animoca Brands And Polygon

Nuqtah, the digital market platform for non-fungible tokens, has successfully amassed an undisclosed amount of funds in a seed funding round. The NFT market platform anticipates using the secured funds to scale up its business.

Nuqtah Raises Seed Funding From Animoca Brands And Polygon

In a March 15 press release, the non-fungible token marketplace confirmed raising unspecified funds in a seed funding round. The funding initiative saw the participation of Animoca Brands, the video gaming behemoth, Polygon, an Ethereum layer two scaling solution, and other regional investors.

Today, @NuqtahNFT, Saudi Arabia's first #NFT marketplace platform, announced that it has raised a seed round of funding with participation from Animoca Brands, @0xPolygon, and regional investors.

Read the full announcement: https://t.co/d5S19s6qP3#OpenMetaverse #web3 #MENA

— Animoca Brands (@animocabrands) March 15, 2023

Founded in 2021, Nuqtah is the first NFT marketplace in Saudi Arabia to be licensed by the Ministry of Communications and Information Technology and the Ministry of Investment. It allows artists to register and trace digital artworks on a public ledger.

Nuqtah anticipates using the secured funds to empower its creators, businesses, and users to unlock the new opportunities that the Web3 space offers to the region. The secured funds will also help individuals and businesses to build NFT collections without navigating complicated blockchain infrastructure.

Moreover, the NFT marketplace intends to empower local artists and technical talent to foster the development of a vibrant Web3 industry in Saudi Arabia and the broader region. While commenting about the funding, Yat Siu, the executive chairman and co-founder of Animoca Brands, remarked:

“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. Nuqtah is an important pioneer and we anticipate that it will greatly help to boost Web3 and NFT adoption in the Middle East.”

Animoca Brands Eyes Dominating The MENA Region

Animoca Brands, which has a growing portfolio of more than 380 metaverse investments, is committed to identifying and supporting high-quality projects in the Middle East and Northern Africa (MENA). Earlier this month, Animoca Brands partnered with Manga to showcase cultural comic and animation metaverse.

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