Saudi Arabia Eyes Web3 Gaming as Part of Economic Diversification Efforts
Saudi Arabia is making efforts to diversify its economy away from oil and has shown a keen interest in emerging technologies like blockchain and artificial intelligence (AI). Now, experts believe that the country’s investments in the gaming sector could have a significant impact on the future of Web3. According to Animoca Brands co-founder Yat Siu, Saudi Arabia is interested in the concept of Web3 gaming, where assets can be proven and owned by players. The country already represents 45% of the gaming market in the Middle East, with a value of over $1.8 billion. While it remains to be seen how Saudi Arabia will integrate Web3 into its gaming industry, the kingdom is actively seeking to learn and implement best practices.
Saudi Arabia’s Web3 Gaming Applications and Financial Literacy
As Saudi Arabia explores Web3 gaming, the industry could play a crucial role in driving mainstream adoption. Financial literacy will be an important aspect of this adoption process, as Web3 users need to understand the value and potential of their assets. Animoca co-founder Yat Siu highlights the need for users to go beyond simply having a wallet and develop a deeper understanding of investing. Success in Web3 adoption will rely on introducing new game models that enhance user experience and allow for the ownership of guilds and the creation of individual theories within games. The CEO of Mythical Games predicts that the Web3 gaming segment could attract 50 to 100 million players within the next two years.
Hot Take
Saudi Arabia’s interest in Web3 gaming demonstrates its commitment to economic diversification and embracing emerging technologies. By investing in the gaming sector, the country aims to position itself as a global gaming hub. While it remains to be seen how Saudi Arabia will integrate Web3 into its gaming industry, the kingdom’s desire to learn and lead in this space sets it apart. Financial literacy will be crucial for Web3 adoption, as users need to understand the value of their assets. The future of gaming lies in Web3, and Saudi Arabia is poised to be at the cutting edge of this technological transformation.
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