Animoca Brands has backed Nuqtah, Saudi Arabia’s first NFT marketplace platform. Nuqtah has recently announced a seed round of funding led by Animoca Brands, with Polygon and regional investors also taking part. The new funding will enable Nuqtah to expand its business 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. Significantly, they are advancing digital property rights and contributing to the open metaverse. Additionally, they develop and publish a vast range of products, including the REVV and SAND tokens and original games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes. With multiple 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’s a Deloitte Tech Fast winner.
Meanwhile, Nuqtah is the first-ever licensed NFT marketplace in Saudi Arabia. It’s set to empower creators and companies alike to unlock new opportunities in the Web3 space. Additionally, Nuqtah aims to make building, releasing, and monetizing NFT collections easy for everyone!
What Impact Will this Partnership Have?
So, what does this all mean? With their newest investment round, Nuqtah is now ready to empower local talent and develop the Web3 industry in Saudi Arabia. The new funding will enable Nuqtah to scale up its business 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.
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