Venture fund and business accelerator Adaverse announced yesterday, Wednesday, its investment in the Saudi NFT company Nuqtah. Nuqtah is the first company to obtain a license in the Kingdom to operate in the NFT field, operating an NFT marketplace, and offering a range of services related to issuing and managing NFTs in the area of loyalty programs and customer engagement.
Since its launch in 2021 by founder Salwa Radwi, Nuqtah has become one of the leading names in the NFT space in Saudi Arabia and the Arab region. It has helped numerous government entities and private companies integrate NFTs and blockchain technology into their work, including LEAP Conference, the Saudi Ministry of Tourism, and the media group SRMG.
In addition to its own NFT marketplace, which showcases works from various Saudi visual artists, Nuqtah offers services to companies looking to integrate blockchain technology into their operations. These include issuing, managing, and tracking NFT statistics, including redeemable NFTs that can be exchanged for real products or services such as event tickets, thereby increasing customer engagement and enhancing the effectiveness of loyalty programs.
Nuqtah attracted a pre-seed investment round led by Shorooq Partners in 2021, as well as a seed investment round led by Animoca Brands and Polygon in 2023.
For its part, Adaverse opened its office in Riyadh earlier this year and announced a $10 million investment plan in Web3 companies from the Arab region. Nuqtah is the fourth company Adaverse has invested in since opening the office, having previously invested in the Shariah-compliant decentralized finance (DeFi) company TakaDAO, and the blockchain-powered freelance platform, Sorbet.
