- Polygon and Animoca Brands led the initial NFT market round, period.
- It will use the financing point to expand its business through 2023.
Animuka brands Once again capitalizing on the MENA region by bidding maximum on the region’s first NFT marketplace, pip. Venture capital web3, along with Polygon, led the company’s initial round and are looking forward to it Empowering regional innovators and expanding its portfolio.
Pioneers
Dot is the first NFT marketplace in Saudi Arabia. It is also the first web3 project licensed by the Ministry of Communications and Information Technology in the Kingdom of Saudi Arabia and the Ministry of Investment.
While the file details investment Point aims to use the funds to expand its business. Over the next 12 months, the NFT Market plans to improve product development, marketing, talent acquisition, and other processes. The NFT Market seeks to empower creators and users by offering opportunities in the web 3 space in the region.
The Saudi NFT Market will allow users and businesses to build, publish and monetize NFT pools without navigating complex blockchain tools. Animoka Brands investments and resources will uniquely position a “point” to nurture local artists and artistic talent and foster a vibrant Web3 community in the MENA region.
Yat Seo, CEO and Co-Founder of Animoca Brands comment:
“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.”Animoca Brands first entered a file Middle East and North Africa market on March 3, 2023. The venture capitalist has entered into a strategic partnership with Saudi game production company Manga Productions, to drive MENA companies to web3.
Investing in Point will expand Animoca Brands’ portfolio in the MENA region and reaffirm its commitment to building web infrastructure 3.
Animoka Brands @tweet commented:@tweet is an important pioneer and we anticipate that it will greatly help the consolidation # web 3 & #NFT Adoption in the Middle East. We will continue to expand our operational presence and collaborate with local strategic partners looking to embrace Web3.” pic.twitter.com/9KURuNMX72
– Animocabrands March 15, 2023
The first NFT market run by women in Saudi Arabia
Salwa Razavi, award-winning photographer, artist, and Web3 enthusiast, is the spearhead of Point. NFT Market was established in 2021 to serve as the first web 3 developer and provider of its kind in the MENA region. She is also one of the first founders and CEOs in the NFT field in Saudi Arabia. Rizvi is joined by a co-founder who previously worked for major regional companies, including Careem and Oracle.
Salwa Razavi, Founder and CEO of Point, subscriber:
“Watching Animoca Brands pioneer and enable the Web3 scene since day one has been so inspirational. 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.”
on the flip side
- According to studies, the NFT industry in the MENA region has grown by 48.3% to reach a value of $3.4 billion. The industry is expected to reach a valuation of $18.1 billion by 2028.
- On the 7th of February Animoca sandbox Signing a memorandum of understanding with the Digital Government Authority in the Kingdom of Saudi Arabia.
Why should you bother
The Middle East and North Africa region has become a hub for Web 3 technology, especially with metropolitan cities like Dubai heralded as the crypto capital of the world. The region is a thriving market for Web 3 products and has adopted Web 3 technology in most of its infrastructure. Animoca Brands’ investment and direction can help the market point in the right direction.
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Read more about the recent Animoka partnership:
Animoca Brands is growing the Web3 industry in the Middle East and North Africa region.
Read how DressX raised $15 million:
DressX NFT Venture Powered by Warner Music in $15 Million Round
