Animoca Brands leads the seed funding round for the Nuqtah NFT marketplace

Animoca Brands, one of the largest players in the Web3 industry, has announced an investment in the first NFT marketplace platform in Saudi Arabia, known as Nuqtah. The platform recently announced a seed funding round led by Animoca Brands.

Animoca Brands invests in a Saudi NFT marketplace

Animoca Brands is one of the largest Web3 gaming platforms globally, having invested in some of the leading NFT, gaming, and metaverse projects. Animoca has backed yet another Web3 company after leading the seed funding round for Nuqtah. Other companies participating in the seed funding round include Polygon and other regional investors.

With this new funding, Nuqtah can expand its business in the coming year. Nuqtah is the first NFT marketplace in Saudi Arabia. It is the first company that has ever been licensed by the Ministry of Communications and Information technology and the Ministry of Investment.

This platform aims to empower creators, users and businesses, enabling them to access the opportunities available in the Web3 sector. Through Nuqtah, individuals and businesses can easily deploy and monetize their NFT collections without undergoing the lengthy process of understanding the complicated blockchain infrastructure.

The executive chairman of Animoca Brands, Yat Siu, commented on this development saying that the company’s investment into Nuqtah was a notable step showing the company’s commitment to supporting the growth of the Web3 industry in the MENA region. The funding would also allow Animoca to boost its 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. We will continue to expand our operational presence and collaborate with local strategic partners looking to adopt Web3,” Siu said.

The founder and CEO of Nuqtah, Salwa Radwi, noted that the company was inspired to have the backing of Animoca Brands as it was one of the leading players in the Web3 industry. Radwi also noted that the company was pleased with the trust it had placed in Nuqtah with this new investment, and it was looking forward to working with the company to achieve significant growth.

Nuqtah will use the fresh funding to grow its business operations over the next year. The company will focus on marketing, product development, talent acquisition, and other business operations.

Animoca Brands’ investments in Web3

Animoca Brands has invested heavily in the Web3 industry. The company is now looking to expand its presence in this industry in the MENA region. Besides investing in Nuqtah, Animoca Brands also unveiled a strategic partnership with Manga productions, which is also based in the Middle East.

Besides investing in digital entertainment, blockchain, and gamification, Animoca contributes to the open metaverse. The firm has invested in top metaverse projects such as The Sandbox. The company boasts over 380 Web3 investments in top firms like OpenSea, Axie Infinity, and Colossal.