Saudi Arabia’s first non-fungible token marketplace, Nuqtah, has closed its pre-seed funding run, but is not revealing how much it raised.
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 Middle East and North Africa artists.
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.
Nuqtah CEO Salwa Radwi 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.”
Shane Shin, co-founder of Shorooq Partners which led the funding round for Nuqtah, said: “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.”