• 29 May, 2024
News

NEOM and Animoca Brands Forge Alliance to Propel Web3 Development in Saudi Arabia

In a groundbreaking move towards shaping the future of digital infrastructure, metaverse gaming firm Animoca Brands has announced a strategic partnership with NEOM, aimed at accelerating regional Web3 initiatives. This collaboration aligns seamlessly with the Saudi Vision 2030 plan, underlining a pivotal moment in the evolution of digital property rights and the open metaverse.

NEOM Investment Fund, the strategic investment arm of NEOM, is set to invest a substantial $50 million in Animoca Brands. This investment will materialize through the issuance of convertible notes, totaling $25 million, and an additional $25 million earmarked for purchasing Animoca Brands’ shares in the secondary market.

Under this strategic alliance, Animoca Brands and NEOM will collaborate on building Web3 enterprise service capabilities with global applicability. The focus lies on technological advancements in Riyadh and the NEOM region. This ambitious venture encompasses diverse Web3 initiatives, including the establishment of a hub within NEOM. This hub aims to nurture the local Web3 ecosystem and integrate capabilities from Animoca Brands, its subsidiaries, partners, and extensive portfolio of investments.

Majid Mufti, CEO of NEOM Investment Fund, expressed enthusiasm about the partnership, highlighting the potential of Web3 technology to revolutionize global industries. He emphasized,

Web3 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture, but also has potential to revolutionize global industries. By partnering with a market-leading company like Animoca Brands, we hope to accelerate Web3 technology development and adoption.

Yat Siu, the co-founder and executive chairman of Animoca Brands, echoed this excitement, emphasizing the growth of the Web3 ecosystem as a transformative global phenomenon. He stated, 

We have always referred to the growth of the Web3 ecosystem as the emergence of a new meta-nation, and now NEOM could well become the first region to fully harness the power of blockchain.

Recently, Yat Siu put forth a proposal aimed at expanding the scope and utility of the ApeCoin ecosystem. The core of this proposal, dubbed AIP-297, is the initiation of a Sister DAO, separate from the main ApeCoin DAO.

NEOM, located in northwest Saudi Arabia, will feature hyperconnected, cognitive cities, research centers, sports venues, and tourist destinations, fostering innovation, entrepreneurship, and international diversity. Animoca Brands, recognized for its leadership in the Web3 space, aims to deliver digital property rights globally, establishing the foundation for the open metaverse.

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