Nuqtah NFTs, Saudi’s first NFT marketplace, is bringing non-fungible tokens to Saudi Arabia to breed a new line of art investors and enable creators toward the wildest opportunities, CEO Salwa Radwi says. The startup will use the pre-seed investments from Shorooq Partners to grow its network across the MENA region.
Salwa Radwi is currently the CEO of Nuqtah NFT, Saudi’s first non-fungible token market. She is an alumna of Stanford University Graduate School of Business, who worked with the Governorate of Jeddah for two years.
Radwi spotted a great opportunity in the fast-growing NFT market, particularly in connection with real-world objects like art, music, and videos, and founded her company, Nuqtah NFTs, last year.
Nuqtah allows artists to register and trace their artwork with full details available on a public ledger that cannot be manipulated. Their artworks are bought and sold online with cryptocurrency.
“We are bringing NFTs to the Saudi region to breed a new line of art investors and enable creators toward the wildest opportunities,” Radwi said.
She describes her company as “a place with a passion and vision to create a real community of art enthusiasts, blockchain advocates, and passionate individuals.”
According to reports, Nuqtah recently received pre-seed investment from venture capital firm Shorooq Partners. Radwi told Arab News, the startup will use the money to grow its network across the MENA region.
“We will soon expand to become the region’s leading space for the rarest and most valuable NFTs,” she added.
Before launching Nuqtah NFTs, Radwa worked with the Governorate of Jeddah for two years. She is also an alumna of Stanford University Graduate School of Business.
Meanwhile, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has issued a consultation paper regarding NFT rules. The paper proposed significant enhancements to the regulatory framework. As NFTs go mainstream, ADGM may soon give license operators the right to legally trade NFTs.
An assessment paper captioned “proposals for enhancements to capital markets and virtual assets in ADGM” was published by the FSRA of Abu Dhabi Global Market (ADGM) on March 21. The paper covered draft standards relating to the trading of NFTs and other asset classes.
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