Nuqtah, a non-fungible token (NFT) marketplace based in Saudi Arabia, is collaborating with Consensys (an Ethereum blockchain firm in New York) to back the progress in Web3-related ventures within the kingdom.
Nuqtah to Partner up with Consensys
As was included in the contract, the expertise and knowledge will be utilized by Consensys to strengthen Web3 ventures within the greatest economy across the globe, Nuqtah mentioned in its Saturday statement. Nuqtah’s chief executive – Salwa Radawi – stated that the present collaboration is just the start of their operations in this exclusive sector.
The official added that this move will not just provide them, as well as the other Web3 ventures operating throughout the industry, a lot of opportunities but also guarantee that they can transact the respective knowledge along with its region-wide localization. Web3 is known as a unique idea stemming from the World Wide Web, with the incorporation of the other core elements thereof like openness, decentralization, and blockchain, as well as an enhanced consumer utility.
Consensys to Participate in Evolving the World Wide Web
Web2, the presently operating version of the World Wide Web (that emerged in the 2000s mid), offered additionally interactive webpages as numerous people living around the globe are allowed to see customer-generated material frequently. Consensys is of the view that Web3 will have some new heights as compared with Web2 with the implementation of exclusive technologies that are being used at a vast level within the area.
Non-fungible tokens (or NFTs) are considered to be digital avatars of collectibles and artworks. The respective digital assets’ ownership is permanently registered on some blockchain, comprising of a digital ledger. However, dissimilar to currency-based tokens (where each of the tokens contains an equal worth and the ability to be swapped for the other), non-fungible tokens have exclusive characteristics due to which they cannot be exchanged with each other.
The very collaboration is witnessed at the point when Saudi Arabia is constantly focusing on incorporating new advancements into its technology space. Formerly this year, investments of up to $6.4B were unveiled on the behalf of the kingdom in terms of entrepreneurship and future-based technologies to mount up the digital economy of the country.
The endeavors taken by Saudi Arabia take into account the formal release of Prosperity7 fund (comprising $1B) operating under Saudi Aramco Venture, as well as $1B worth of investment made by Neon Tech as well as Digital Company to be expended on future technologies along with some others.
Saudi NFT Space and Its Growing Concerns
The journey of digital collectibles had its start in Saudi Arabia this February, with the declaration of a digital arts venue by Saudi Arabian Culture Ministry’s Visual Arts Commission and Sotheby’s. The respective platform has a proportion in the continuous open project for Diriyah Biennale. In the previous months, a non-fungible token (NFT) branch as well as a devoted venue named “Sotheby’s Metaverse” have been established by Sotheby’s.
With the progress made in the NFT world, some issues are also taking place like scams where the investors are promised to be provided with digital collectibles by the developers and deposit their funds nonetheless – instead of giving promised returns – they vanish away with the investors’ funds.