Animoca Brands to Develop Web3 Solutions and Establish Hub in Saudi Arabia
Blockchain gaming venture capital firm, Animoca Brands, has formed a strategic partnership with the NEOM Investment Fund to develop web3 solutions and establish a hub in Saudi Arabia. The NEOM Investment Fund is considering investing up to $50 million in Animoca Brands, with $25 million allocated for convertible notes and the remaining $25 million for purchasing Animoca’s shares on the secondary market. As part of the agreement, Animoca will create web3 solutions that have global commercial applicability and will be deployed to support technological advancements in Riyadh and the NEOM region. NEOM Investment Fund CEO Majid Mufti believes that web3 technology has the potential to revolutionize global industries and will play a crucial role in NEOM’s tech stack and architecture. Animoca Brands co-founder Yat Siu sees NEOM as a pioneer in fully harnessing the power of blockchain.
NEOM: A Futuristic Smart City
NEOM is a futuristic smart city being built by Saudi Arabia from scratch at a cost of $500 billion. Situated in a desert bordering the Red Sea, NEOM aims to complete a significant portion of its development by 2030. The city will feature various elements such as a floating industrial complex, enterprise hubs, tourist areas, and sports venues. The NEOM Investment Fund has included Animoca Brands in its investment list as part of its efforts to establish businesses and create an economically thriving environment within NEOM. With the partnership between Animoca Brands and the NEOM Investment Fund, there is great potential for blockchain technology to shape the future of this ambitious city.
Hot Take: Embracing Blockchain Technology for Future Cities
The collaboration between Animoca Brands and the NEOM Investment Fund marks an important step towards integrating blockchain technology into the infrastructure of future cities. By developing web3 solutions with global applicability, Animoca Brands has the opportunity to revolutionize various industries and contribute to NEOM’s technological advancements. With NEOM being a visionary smart city project, the adoption of blockchain can pave the way for innovative applications and services that enhance efficiency, security, and transparency. As more cities and governments recognize the potential of blockchain, we can expect similar partnerships and initiatives to emerge, driving the widespread adoption of this transformative technology.
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