According to Yat Siu, co-founder of Animoca Brands, royalties have played a significant role in the development of the non-fungible token (NFT) market. Hong Kong-based firm, NFT Licenses, is taking a firm stance in support of digital creators. The company’s CEO, Siu, recently spoke at the annual NFT Paris conference, emphasizing the importance of creator rights and royalties within Web3. NFT Licenses provide a legal way for creators to protect their royalty rights, allowing them to benefit from their work and receive the recognition they deserve. The company is committed to helping creators protect their intellectual property and ensure they receive the compensation they are due. NFT Licenses is dedicated to helping creators get the recognition and rewards they deserve for their hard work.
The Non-Fungible Token (NFT) industry has seen tremendous growth in the past year, despite a bear market in 2022. In total, the industry has amassed more than $24 billion in sales, with billions of dollars going to creators and owners of the assets. Companies such as Blur, OpenSea, and Magic Eden have been able to capitalize on this growth, providing platforms for users to buy, sell, and trade NFTs. With the increasing popularity of NFTs, the industry is expected to continue to grow in the coming years.
OpenSea, a blockchain-based digital asset marketplace, recently invested in Nuqtah, Saudi Arabia’s first licensed non-fungible token (NFT) marketplace. OpenSea’s CEO, Devin Siu, believes that royalties are essential to the blockchain ecosystem, as they provide the necessary funds to support project innovations. Siu views the investment in Nuqtah as a way to help build the rails of the NFT economy, which was nonexistent in 2019 but has since become more meaningful. OpenSea is now looking to build the next OpenSea in the MENA (Middle East-North Africa) region, and the investment in Nuqtah is a step in that direction.
Animoca Brands, a Hong Kong-based mobile gaming company, has announced a private investment in Nuqtah, a Saudi Arabian NFT infrastructure development firm. The investment is part of Animoca Brands’ efforts to kick-start NFT infrastructure development in the MENA region, which has yet to establish a significant player in the NFT market. No government money was involved in the private investment, though the amount was not disclosed. This investment is expected to help the MENA region catch up with other major markets such as Japan, which already have regional NFT participants.
