Nuqtah, Saudi Arabia’s non-fungible token (NFT) marketplace platform, has on Wednesday announced that it has raised a seed round of funding led by Animoca Brands with participation from Polygon and regional investors.

The new funding will be used to scale up Nuqtah’s business over the next 12 months, Nuqtah said in a statement.

According to the statement, Nuqtah will use the new funding announced today to scale up its business over the next 12 months in the areas of product development, marketing, talent acquisition, and other operations.

Nuqtah is the first NFT marketplace in Saudi Arabia and the first to be licensed by the Ministry of Communications and Information Technology and the Ministry of Investment.

The firm aims to empower its creators, businesses, and users to unlock the new opportunities that the Web3 space offers to the region.

Nuqtah allows individuals and businesses to easily build, deploy and monetize NFT collections without having to navigate complicated blockchain infrastructure.

With the backing of Animoca Brands’ industry network and operational resources, Nuqtah is now uniquely positioned to empower local artists and technical talent to foster the development of a vibrant Web3 industry in Saudi Arabia and the broader region.

“Our investment into Nuqtah is another meaningful step in our commitment to build up the Web3 industry in Middle East and North Africa (MENA) as well as develop our own capabilities in the region,” said Yat Siu, the executive chairman and co-founder of Animoca Brands.

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

“We will continue to expand our operational presence and collaborate with local strategic partners looking to adopt Web3,” he added.

Nuqtah is helmed by Salwa Radwi, an award-winning photographer, artist, and Web3 and blockchain advocate.

In 2021 she founded Nuqtah to serve as the first-of-its-kind blockchain technology provider and developer in the MENA region, making her one of the first female founders and Chief Executive Officers in Saudi Arabia’s NFT landscape.

Salwa is joined by co-founders who previously worked at major companies including Careem and Oracle, and whose extensive industry experience has enabled Nuqtah to become a prominent and respected advocate of Web3 in the Kingdom.

“Watching Animoca Brands pioneer and enable the Web3 scene since day one has been so inspirational, and so we take great pride in the trust placed in Nuqtah through this investment,

“We look forward to working together to unlock the massive potential and opportunities in the Middle East,” said Salwa.

The strategic investment into Nuqtah further expands Animoca Brands’ portfolio in MENA and reaffirms its commitment to identifying and supporting high-quality projects in the region’s Web3 ecosystem.

Previously, Animoca Brands entered into a strategic partnership with Manga Productions, the leading animations, comics, and games production company in the Middle East, to focus on co-creating Web3 pilot projects, growing the regional blockchain industry, and facilitating educational opportunities in relevant fields.

Animoca Brands is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse.

The company develops and publishes a broad portfolio of products including the REVV token and SAND token; original games including The Sandbox, Crazy Kings, and Crazy Defense Heroes; and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP™, and Formula E.

It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Darewise Entertainment, Notre Game, TinyTap, Be Media, PIXELYNX, and WePlay Media.

Animoca Brands has a growing portfolio of more than 380 Web3 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others.

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