Animoca Brands, a leading Web3 company, and NEOM, a Saudi Arabian giga-project, have announced a strategic partnership and investment to drive regional Web3 development. Animoca Brands and NEOM are partnering to drive innovation and technology leadership in Saudi Arabia, aligning with Vision 2030.
As part of the partnership, NEOM Investment Fund will invest US$50 million in Animoca Brands. This investment will support the development of Web3 enterprise service capabilities in the NEOM region. These capabilities will support technology advancements in Riyadh and the NEOM region.
Building a Web3 Hub in NEOM
A key goal of the partnership is to establish a vibrant Web3 hub in NEOM. This hub will nurture the local Web3 ecosystem and bring in extensive capabilities from across Animoca Brands and its subsidiaries, partners, and broad portfolio of investments.
The Web3 hub will provide a platform for entrepreneurs, developers, and investors to come together to build and innovate in the Web3 space. It will also serve as a center of excellence for Web3 education and training.
In addition to the Web3 hub, the partnership will also involve the development of a range of Web3 initiatives in NEOM. These include:
- Developing a Web3-based infrastructure for NEOM, including blockchain-based identity management, payments, and data storage systems.
- Creating a Web3-based marketplace for goods and services in NEOM.
- Launching a Web3-based accelerator program to support the growth of local Web3 startups.
- Establishing a Web3-based research center to explore the potential applications of Web3 technology in vamedrious industries.
Accelerating Web3 Technology Development and Adoption
Majid Mufti, CEO of NEOM Investment Fund, commented that the partnership with Animoca Brands is designed to accelerate Web3 technology development and adoption. He believes that Web3 has the potential to revolutionize global industries.
Yat Siu, the co-founder and executive chairman of Animoca Brands, commented that the partnership with NEOM is an opportunity to build the first region to fully harness the power of blockchain. He sees the growth of the Web3 ecosystem as the emergence of a new meta-nation.
The Web3 hub established in NEOM will play an important role in accelerating the development and adoption of Web3 technology in the region. It will also act as an example for other areas hoping to create Web3 ecosystems of their own.