Animoca leads seed round of Saudi NFT marketplace

Nuqtah team / Photo credit: Nuqtah

Nuqtah, a Saudi Arabia-based NFT marketplace, has secured an undisclosed amount of funding in a seed round led by Animoca Brands, with the participation of Polygon and other investors.

In a statement, Nuqtah said it will use the new funding to expand its business over the next 12 months, with a focus on product development, marketing, and talent acquisition.

Founded in 2021 by CEO Salwa Radwi, Nuqtah is the first NFT marketplace in Saudi Arabia to be licensed by the government.

This is not Animoca’s first foray into the Middle East. It previously formed a strategic partnership with Saudi Arabia-based animation studio Manga Productions.

“We will continue to expand our operational presence and collaborate with local strategic partners looking to adopt Web3,” said Yat Siu, Animoca’s executive chair and co-founder.

See also: This NFT offers lifestyle memberships for a lifetime

Siu also recently announced that the firm is looking to raise US$1 billion for a new fund focusing on Web3 and metaverse projects after still seeing “quite a bit of interest” in the sector following FTX’s fallout.