Nuqtah, Saudi Arabia’s first non-fungible token (NFT) marketplace, has closed its pre-seed funding round but is not revealing the amount of raised funds.
Accroding to Founded this year, the company enables artists to register and trace their work and serves as a global platform for buyers keen on acquiring the latest NFTs by the Middle East and North Africa artists, Arab News said.
“Our goal is to create the ultimate environment for creatives in the Kingdom, where they can sell their masterpieces at the value they deserve safely and securely,” said Nuqtah CEO Salwa Radwi.
The global NFT market value has seen substantial growth in the past 12 months, rising to $2 billion in the first quarter of 2021 — up from over $250 million in 2020.
“The Kingdom is on an ambitious digital transformation journey,” said Shane Shin, the co-founder of Shorooq Partners, which led the funding round for Nuqtah. “And the creative economy is one of the core pillars of the nation’s long-term vision.”
As reported before, Emirates Post Group announced the first in the region issuance of NFT stamps in commemoration of the UAE National Day 2021. Each of the four NFT stamps carries a distinct design centered on the UAE national theme.