Blockchain technology is constantly expanding, and the Middle East and North Africa (MENA) region is taking the lead in the web3 space. Polygon and Animoca Brands have made their presence felt in the region by investing in Saudi Arabia’s first NFT marketplace, Nuqtah. The seed round led by these venture capitalists will help the company scale its business over the next year. Nuqtah aims to empower local creators and expand its portfolio in the region.
Nuqtah is the first NFT marketplace in Saudi Arabia and the first web3 project licensed by the Saudi Arabian Ministry of Communication and Information Technology and the Ministry of Investment. The marketplace plans to improve its operations, including product development, marketing, and talent acquisition, with the funds raised. This investment will help Nuqtah cultivate local artists and technical talent and foster a vibrant web3 community in MENA.
Salwa Radwi, an award-winning photographer and artist, founded Nuqtah to serve as the first-of-its-kind web3 developer and provider in the MENA region. She is one of the first female founders and CEOs in the Saudi Arabian NFT landscape. Radwi, along with her co-founder, who previously worked at major regional companies, including Careem and Oracle, is leading the way for Nuqtah’s success.
The NFT marketplace will allow users and businesses to build, deploy, and monetize NFT collections without navigating complicated blockchain tools. Animoca Brands’ investment and resources will position Nuqtah to cultivate local artists and technical talents and foster a vibrant web3 community in MENA. The investment in Nuqtah will expand Animoca Brands’ portfolio in MENA and reaffirm its commitment to building the region’s web3 infrastructure.
The MENA region is rapidly becoming a hub for web3 technology, with Dubai heralding itself as the crypto capital of the world. The NFT industry in MENA grew by 48.3% to a valuation of $3.4 billion, projected to reach a valuation of $18.1 billion by 2028. Animoca Brands’ investment and direction could help the market steer in the right direction, paving the way for further development in the web3 space.
