Animoca Brands and Neom Partner to Promote Crypto Adoption in Saudi Arabia
Animoca Brands, a leading blockchain gaming and metaverse investment company, has announced a strategic alliance and investment deal with Neom, the large-scale Saudi Arabian urban development project. The goal of the partnership is to advance the adoption of crypto technology in the Gulf region.
The companies have signed a memorandum of understanding to collaborate on digital infrastructure projects that will support Neom’s Vision 2030 goals. Additionally, they aim to establish a hub to grow the local blockchain ecosystem. Neom’s investment arm will invest $50 million into Animoca Brands pending finalization of agreements.
Advancing Digital Infrastructure
Majid Mufti, CEO of Neom Investment Fund, expressed excitement about partnering with Animoca Brands to support the development of Neom’s digital infrastructure. Mufti believes that web3 technology and infrastructure development have the potential to revolutionize global industries and will play a crucial role in Neom’s tech stack and architecture.
Animoca Brands will provide guidance to Neom in building blockchain-based services that enable new models for living and working in the planned 34,000 square mile development in northern Saudi Arabia. The collaboration will include various web3 and metaverse projects tailored to Neom’s futuristic vision.
Neom: A Futuristic Urban Metropolis
Neom is a planned urban metropolis in Saudi Arabia’s Tabuk Province. It aims to embrace emerging technologies and become a futuristic city powered by green energy. The project is expected to cost $500 billion in total.
However, Neom has faced criticism and scrutiny over alleged forced evictions of local tribe members. Despite this controversy, Animoca Brands sees the partnership as an opportunity for Neom to become the first region to fully harness the power of blockchain.
About Animoca Brands
Animoca Brands is a prominent blockchain game publisher and metaverse investor. The company has backed numerous Web3 firms, including NFT marketplace OpenSea, NBA Top Shot maker Dapper Labs, and Axie Infinity game studio Sky Mavis. It is known for games like The Sandbox and Formula E: High Voltage. As of last year, Animoca Brands was valued at $5.9 billion.
Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Andrew Hayward.
Hot Take: Neom and Animoca Brands Collaborate to Drive Crypto Adoption in Saudi Arabia
Animoca Brands’ strategic alliance and investment deal with Neom presents an exciting opportunity to promote the adoption of crypto technology in Saudi Arabia’s Neom project. By collaborating on digital infrastructure projects and building blockchain-based services, the partnership aims to support Neom’s futuristic vision while revolutionizing global industries. Despite controversy surrounding alleged forced evictions, this collaboration could position Neom as a pioneer in fully harnessing the power of blockchain. As a prominent player in the blockchain gaming and metaverse space, Animoca Brands brings valuable expertise to the table, making this partnership a significant development in advancing crypto adoption in the Gulf region.
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