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Animoca Brands bets on Saudi NFT Marketplace “Nuqtah”
Animoca Brands has backed Nuqtah, Saudi Arabia’s first NFT marketplace platform. Nuqtah recently announced a seed round of funding led by Animoca Brands, with Polygon and regional investors also participating. The new funding will enable Nuqtah to expand its operations in the coming year. Let’s dive in!
What we know about Animoca Brands and Nuqtah
Animoca Brands is a leader in digital entertainment, blockchain and gamification. It is essential that they promote digital property rights and contribute to the open metaverse. In addition, they develop and publish a large variety of products, including REVV and SAND tokens and original games such as The Sandbox, Crazy Kings and Crazy Defense Heroes. With several subsidiaries including Quidd, GAMEE and nWay, Animoca Brands has a growing portfolio of over 380 Web3 investments, such as Colossal, Axie Infinity and OpenSea. The Financial Times ranks the company in its High Growth Companies Asia-Pacific 2023 and it is a Deloitte Tech Fast winner.
Meanwhile, Nuqtah is the first licensed NFT marketplace in Saudi Arabia. It is set to give both creators and companies the opportunity to unlock new opportunities in the Web3 area. Additionally, Nuqtah aims to make it easy for anyone to build, publish and monetize NFT collections!
What effect will this partnership have?
So what does all this mean? With its latest investment round, Nuqtah is now ready to strengthen local talent and develop the Web3 industry in Saudi Arabia. The new funding will enable Nuqtah to scale up its operations in product development, marketing and talent acquisition. On the other hand, Animoca Brands’ strategic investment expands its portfolio in MENA. This partnership builds on their commitment to growing the regional blockchain industry, facilitating educational opportunities and co-creating Web3 pilot projects with local companies.
