Adaverse Invests in Saudi Arabia’s Nuqtah Innovating Brand Experience With Blockchain and NFT

5 min read6 days ago

PRESS RELEASE: June 26, 2024

Riyadh, Saudi Arabia— Adaverse, a leading Cardano ecosystem accelerator and venture capital fund focusing on Web3 solutions, has announced a strategic investment in Nuqtah, Saudi Arabia’s leading blockchain infrastructure builder and NFT management solution. This investment marks a significant milestone in both companies’ journeys, aligning with Saudi Arabia’s Vision 2030 to foster a digital economy and an innovation-driven future.

Adaverse, the Cardano ecosystem accelerator and Saudi Arabia’s first Web3 and blockchain venture capital fund, is leading the charge in advancing blockchain solutions globally. Launched as an initiative of EMURGO, a core founding entity of the Cardano blockchain, with a clear mission to provide valuable support resources to visionary founders driving the next wave of digital transformation through Web3 and blockchain technologies, Adaverse has welcomed Nuqtah to join distinctive initiatives among its diverse portfolio of over 54 startups.

Launched in 2021, Nuqtah has swiftly become a leader in Saudi Arabia’s blockchain and digital asset sector, earning the distinction as the Kingdom’s first licensed platform for creating, trading, and managing NFTs. With its forward-thinking approach, Nuqtah aims to transform the digital landscape by equipping creators, businesses, and government entities with blockchain technology, thus accelerating Web3 adoption throughout the Middle East.

“We are thrilled about Adaverse’s strategic investment in Nuqtah, a testament to our shared vision of pioneering the Web3 revolution in the MENA region. This collaboration not only underscores Nuqtah’s commitment to spearheading the adoption of blockchain technology but also serves as a catalyst, attracting local and international attention to our burgeoning digital ecosystem. Each of our investors and partners, including Adaverse, stands as a resounding endorsement of the vast potential that Web3 and blockchain hold for the MENA region. Nuqtah takes immense pride in the confidence Adaverse has placed in us, as we continue to build and innovate in the region.” — Nuqtah founder and CEO Salwa Radwi

Nuqtah: From NFT to Consumer Workflow Solutions

Nuqtah stands as a beacon of innovation in Saudi Arabia’s blockchain ecosystem led by a team of visionary experts, and offers a comprehensive suite of services tailored to empower businesses and enterprises with cutting-edge blockchain solutions to enhance creative ideation. Since its inception, Nuqtah has rapidly expanded its suite of offerings from NFT marketplace to comprehensive consumer workflow enhancements.

Nuqtah’s platform offers a Workflow Solutions Platform designed to streamline both creative processes and engagement strategies from the planning stage to execution. Its standout feature, the Digital Collectibles Solution, facilitates the creation of NFTs to boost customer loyalty, complemented by a Consumer Engagement and Loyalty Platform that incentivizes interactions with digital collectibles. Additionally, Nuqtah offers a Customizable Offering Tool, allowing businesses to personalize products and services for their target audience, and Brand Loyalty Enhancement Solutions that use blockchain to increase customer satisfaction. Serving a broad spectrum of industries, including the creative and retail sectors, Nuqtah’s solutions are tailored for businesses eager to incorporate blockchain into their operations, improve customer engagement, or innovate their digital assets and loyalty programs.

How Nuqtah NFT-ed Its Way from Idea to Industry Leader

Nuqtah emerged as a dynamic marketplace with the mission to energize the creator economy, quickly evolving to embrace the potential for greater impact through enabling businesses with blockchain technology. Founded by Salwa Radwi in Jeddah, Saudi Arabia, Nuqtah has rapidly transformed into a leader in blockchain technology for businesses enabling SMEs to provide innovative solutions to boost consumer engagement. Driven by Radwi’s passion for NFTs and the fusion of art and technology, Nuqtah filled a crucial gap in the local market, becoming the MENA region’s first blockchain provider. It’s more than a marketplace; it’s a community at the intersection of art, heritage, and innovation, designed to empower Saudi youth and creatives. Since 2021, Nuqtah has led the Saudi NFT scene, achieving milestones that underscore its role as a pioneer and aligning with the transformative vision of Saudi Arabia’s Vision 2030.

The World Needs More Creativity

As we move through 2024, NFTs (non-fungible tokens) have transcended their initial hype to become a foundational element of the digital economy, showcasing remarkable versatility across various industries. Beyond the art and collectibles market, NFTs are revolutionizing content creation, entertainment, real estate, and even identity verification, proving their value in ensuring authenticity and ownership in the digital realm. The global NFT market, continuing its exponential growth trajectory, is expected to expand further as these tokens find new applications in digital rights management, gaming, and decentralized finance (DeFi), among others.

Vincent Li, founding partner at Adaverse, remarked, “Our investment in Nuqtah, as we broaden our presence in the MENA region, marks a pivotal moment for innovation in digital solutions. Nuqtah’s launch couldn’t be more timely, setting the stage for future advancements in the blockchain and NFT user landscape. Their vision mirrors our commitment to pioneering the digital economy, highlighting the transformative power of blockchain to open new opportunities. Together, we’re crafting the path forward in the digital world.”

About Nuqtah

Nuqtah has successfully rolled out a dynamic suite of Web3 offerings as of 2024: a user-friendly NFT marketplace, a management console for businesses to oversee NFT collections and analytics, and the innovative use of redeemable NFTs for physical goods and events. Nuqtah have also introduced a rewards mechanism through fungible tokens, a built-in wallet to simplify NFT transactions, and an API for custom third-party integrations, all to enhance user engagement and streamline the digital asset experience for businesses and consumers alike.

Visit the platform to check their suite of products: https://nuqtah.io/

About Adaverse

Adaverse’s expansion into Riyadh at the end of 2023 represented a key move to boost blockchain innovation in the Middle East. This decision highlights the fund’s intent to support and grow startups in the area. With an impressive portfolio of 54 blockchain projects across continents, Adaverse brings its deep expertise, resources, and extensive network to the region’s emerging companies. This strategic growth aligns with the goals of Saudi Arabia’s Vision 2030 and mirrors Nuqtah’s ambitions, signifying a united effort to usher in a new era of digital advancement in the Kingdom.|

Web3 startups can apply for Adaverse funding here.