JAKARTA - Game development company Animoca Brands is again targeting the Middle East and North Africa (MENA) markets by investing large amounts of funds in the region's first NFT marketplace, Nuqtah.
Together with Polygon, Animoca Brands directed an early lap of investment for the company and plans to empower regional creators and expand its portfolio.
Nuqtah itself is Saudi Arabia's first NFT marketplace and is the first web3 project to obtain a license from the Ministry of Communication and Information Technology and the Ministry of Investment of Saudi Arabia.
Although investment details have not been determined, Nuqtah plans to use these funds to improve product development, marketing, talent acquisition, and other operations over the next 12 months.
Animoca Brands entered the MENA market on March 3, 2023, in collaboration with game production company Saudi Arabia, Manga Productions, to encourage companies in the area to adopt web3 technology.
Investment in Nuqtah is expected to expand the Animoca Brands portfolio in MENA and strengthen its commitment to building web3 infrastructure in the area.
Nuqtah will allow users and businesses to build, implement and monetize NFT collections without having to face complicated blockchain tools.
With investment and resources from Animoca Brands, Nuqtah will have a unique position to grow local artists and technical talent and strengthen the web3 community that lives in MENA.
Salwa Radwi, a photographer, artist and web3 technology enthusiast who has won the award, chaired Nuqtah. Radwi founded the NFT marketplace in 2021 to become the first provider and developer of web3 in the MENA area.
She is also one of the first female founders and CEOs in the Saudi Arabia NFT industry. Radwi joined another founder who previously worked in leading regional companies, including Careem and Oracle.
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