Saudi’s first NFT marketplace platform, Nuqtah has raised a seed round of millions of dollars from Blockchain platform Polygon and Animoca Brands. As per the release the new funding will scale Nuqtah’s business over the next 12 months.

In 2022, Nuqtah had announced it was planning to raise $5 million in upcoming seed rounds.

Licensed by the Saudi Ministry of Communication and Information technology and the Ministry of Investment, Nuqtah aims to to empower its creators, businesses, and users to unlock the new opportunities that the Web3 space offers to the region. Nuqtah allows individuals and businesses to easily build, deploy and monetize NFT collections without having to navigate complicated blockchain infrastructure.

Yat Siu, the executive chairman and co-founder of Animoca Brands, commented: “Our investment into Nuqtah is another meaningful step in our commitment to build up the Web3 industry in MENA as well as develop our own 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.”

In February of this year Nuqtah signed an MOU with Saudi telecom group to tokenize photographs fro STC’s Sarha project. 

Nuqtah is helmed by Salwa Radwi, an award-winning photographer, artist, and Web3 and blockchain advocate. In 2021 she founded Nuqtah to serve as the first-of-its-kind blockchain technology provider and developer in the MENA region, making her one of the first female founders and CEOs in Saudi Arabia’s NFT landscape. Salwa is joined by co-founders who previously worked at major companies including Careem and Oracle, and whose extensive industry experience has enabled Nuqtah to become a prominent and respected advocate of Web3 in the Kingdom.

Salwa Radwi, founder and CEO of Nuqtah, noted in the release, “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. We look forward to working together to unlock the massive potential and opportunities in the Middle East.”

Speaking to LaraontheBlock, Salwa Radwi confirmed that the latest seed investment raises millions of dollars. She states, “ This new round of investment will open new lines of opportunities, not only financially but also through animoca and polygons extravagant network.”

Nuqtah had raised close to a million dollars in its pre-seed round from Shorooq Partners, according to Radwi.  At that time Nuqtah planned to build on the thriving NFTs space, and utilize the underlying blockchain technology to spearhead innovation in other verticals such as media and entertainment.

Animoca Brands, the creator of sandbox metaverse and other Web3 projects has been very interested in the MENA region. It announced it would be entering Dubai through its metaverse Dubaiverse, and it also signed an MOU with Saudi government at beginning of 2023. 

KSA NuqtahNFT marketplace  has partnered with Consensys, an Ethereum blockchain company.

The agreement aims to transfer the knowledge and expertise of Consensys to empower Web 3 startups in Saudi Arabia in line with Nuqtah’s goal of accelerating Web 3 adoption, and in clear alignment with the Kingdom’s vision to become a hub for technology.

According to ConsenSys Partnership Lead Ian Wallis: “With Nuqtah’s existing Infura and Ethereum infrastructure, the potential in the Saudi market is huge and we are very excited to be launching this strategic partnership with NuqtahNFT, Saudi’s leading NFT marketplace to provide even more functionality and empowerment of creatives in the MENA region.”

Salwa Radawi, CEO of Nuqtah, commented: “Our mission is to spearhead the adoption of Web 3 in MENA, by tirelessly developing and enabling a complete and robust infrastructure, tailored specifically to the MENA region originators.”

Salwa also added: “This partnership is only the beginning of our opening. It not only opens a great deal of opportunities for us and fellow Web 3 startups within the industry but also ensures that we are able to transfer this knowledge and localize it for the region.”

Last week Nuqtah NFT Marketplace announced it would be raising 5 million USD in seed capital.

After KSA based Nuqtah, Blockchain enabled NFT Marketplace raised its pre-Seed round led by UAE Shorooq Partners in November 2021; the company is now looking to raise an additional 5 million USD in a new funding round. Founder and CEO Salwa Radwi spoke to AlSharq on this.

Salwa Radwi plans to make Nuqtah become the de-facto platform for the Saudi and MENA digital creative economy. In the first round of financing, Shorooq Partners, along with KSA Sanabil a subsidiary of KSA Public Investment Fund participated in the pre Seed round. Nuqtah participated in the second cohort round with 500 MENA seed accelerator.

Nuqtah recently hired Dr. Majid Al Mansouri as Head of strategy. Al Mansouri has more than 8 years experience in Blockchain, AI, and VR space. He has advised, led and invested in more than 40 blockchain companies globally. He also founded the Blockchain Research Institute in various Saudi Universities in collaboration with Oxford University.

In the new funding round Nuqtah looks to use the funds for attracting human resources, developing technologies and products, and enhancing the marketing process of the company’s activity locally and regionally.

Nuqtah enables MENA users to publish and sell their work seamlessly and will serve as a global platform for buyers keen on acquiring the latest NFTs by renowned and emerging MENA artists. Nuqtah plans to build on the thriving NFTs space, and utilize the underlying blockchain technology to spearhead innovation in other verticals such as media and entertainment.

In the previous round, Shane Shin, Founding Partner at Shorooq Partners, said, “Ever since moving to Saudi, I have witnessed first-hand the tremendous evolution of the creative and cultural landscape, led by passionate young Saudis. The Kingdom is on an ambitious digital transformation journey, and the creative economy is one of the core pillars of the nation’s long term vision. As we continue to back daring founders and support them in building enduring and sector-leading companies, we are privileged to join Nuqtah as the Kingdoms first NFT platform. We believe in the Nuqtah team’s vision, and are humbled to work with them to take Nuqtah to the global NFT arena, representing the region’s vibrant and rich creative depth.”

Amal Dokhan, Partner at 500 Global said, “We are ecstatic to have Nuqtah be a part of our second cohort at Sanabil 500 MENA seed accelerator. Seeing more female founders take lead in Saudi is truly refreshing and more so in such an exciting intersection between the arts & blockchain in an Arabic enabled NFT platform, we believe in Nuqtah’s founding team and are surely privileged to support their journey towards Growth.”

 “Our goal is to create the ultimate environment for creators in the Kingdom, where they can sell their masterpieces at the value they deserve safely and securely. The Nuqtah founding team is from the core of the creative community in the region, hence, they truly understand what it means to be creative in the kingdom. We are here to transform the industry,” says Salwa Radwi the CEO at Nuqtah.

The Saudi Ministry of Tourism and Saudi Toursim Authority has announced the creation of  NFT (non-fungible token) souvenirs, in a move that reflects the Kingdom’s advancement in digital tourism. His Excellency Ahmed Al Khateeb, Minster of Tourism of Saudi Arabia BoD Chairman of the Saudi Tourism Authority presented the personalized digital mementos in a first of its kind initiative to the heads of delegations participating in the 116th session of the Executive Council of the United Nations World Tourism Organization (UNWTO) in Jeddah, as a token of appreciation for their visit to the Kingdom.​

Recently the Saudi Ministry of Tourism  and Saudi Tourism authority created NFT souvenirs gifted to heads of delegations participating in the 16th session of the Executive Counsil of the United Nations World Tourism Organization. As per the press release, stunning VR 3D Saudi landscapes and landmarks were converted into NFTs 

His Excellency Ahmed Al Khateeb, Minister of Tourism of Saudi Arabia, said the NFT souvenirs embody the leadership’s vision for the future of the Kingdom. “As technology advances, it is important that we remain at the forefront of innovation. Our tourism infrastructure is designed to embrace new trends, and digital transformation is one of our top priorities. The NFTs serve as a bold statement to the world that Saudi Arabia is developing an unparalleled tourism sector where travelers can expect to see and experience unique and futuristic offerings.”