Saudi Arabia’s first NFT marketplace platform, Nuqtah, has secured seed funding from investors led by Animoca Brands and Polygon in a bid to accelerate its business in the Middle East.

The funding for an undiscloased amount will be used to scale Nuqtah’s business over the next 12 months, with a focus on product development, talent acquisition, and marketing, Animoca said in a statement on March 15.

The Saudi NFT platform is the first of its kind to be licensed by the country’s authorities. It seeks to empower creators, businesses, and users to unlock new opportunities that Web3 has to offer to the region.

Nuqtah, which was founded in 2021 by Salwa Radwi, its current CEO, affords users an opportunity to easily build, deploy and monetize their NFT collections without having to navigate complicated blockchain infrastructure.

It is the first blockchain technology-provider and developer in the Middle East and North Africa (MENA) region, making it a key Web3 platform in the Gulf.

Empowering Artists in the Gulf Region

The support from Animoca Brands and the other investors now places the NFT platform in a much more strategic position to empower local artists and technical talent to nurture the development of a vibrant Web3 industry in the region.

Radwi expressed her optimism for the success of the partnership, and its potential to stimulate more opportunities in Web3.

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

Yat Siu, the executive chairman and co-founder of Animoca Brands, said that the company’s investment into Nuqtah heralds a further step in its commitment to enhance the Web3 industry in the MENA region as well as develop its own capabilities.

“Nuqtah is an important pioneer and we anticipate that it will greatly help to boost Web3 and NFT adoption in the Middle East,” Siu said. “We will continue to expand our operational presence and collaborate with local strategic partners looking to adopt Web3.”

With the deal with Nuqtah, Animoca Brands further expands its portfolio into the MENA region reaffirming its commitment to identifying and supporting projects in the region’s Web3 ecosystem.

It previously partnered with animations, comics, and games production company Manga Productions on co-creating Web3 pilot projects, growing the regional blockchain industry, and facilitating educational opportunities in relevant fields within MENA.