Saudi’s Nuqtah & US-based Consensys unite to develop kingdom’s Web3 startups

By Arya M Nair, Official Reporter
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Web3 Startups
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Saudi Arabia’s first NFT marketplace, NuqtahNFT, has signed a strategic partnership with US-based Consensys, a leading Ethereum blockchain company worldwide to support the development of Web3-focused startups in the kingdom.

The agreement is in line with Nuqtah’s goal of accelerating Web 3 adoption, and with the Kingdom’s vision to become a hub for technology. ConsenSys is known for its ownership of Metamask, the crypto browser wallet, and infura, the main Ethereum infrastructure provider.

Salwa Radawi
Salwa Radawi
CEO – Nuqtah

“Our mission is to spearhead the adoption of Web 3 in MENA, by tirelessly developing and enabling a complete and robust infrastructure, tailored specifically to the MENA region originators. This partnership is only the beginning of our opening and humanizing this new space. It not only opens a great deal of opportunities for us and fellow Web3 start-ups within the industry, but also ensures that we are able to transfer this knowledge and localize it for the region.”

ConsenSys Partnership Lead Mr. Ian Wallis said that “With Nuqtah’s existing Infura and Ethereum infrastructure, the potential in the Saudi market is huge and we are very excited to be launching this strategic partnership with NuqtahNFT, Saudi’s leading NFT marketplace to provide even more functionality and empowerment of creatives in the MENA region.”

Web3 is the emerging new concept of the World Wide Web, with blockchain, decentralization, openness and greater user utility among its core components. Its market size is expected to reach about $6.2 billion in 2023, and is projected to grow at a compound annual rate of more than 44 percent from 2023 to 2030, according to Market Research Future.

Recently, Nuqtah aimed to raise $5 million through a new funding round with the first round attracting prominent investors, such as Sanabil, a subsidiary of the Public Investment Fund (PIF), Shorooq Partners, and 500 Global, an early-stage venture fund.

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