Saudi Arabia Eyes Web 3.0 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, specialists believe that the country’s investments in the gaming sector could have a whole lot of impact on future of the Web 3.0. According to Animoca Brands co- founder Yat Siu, Saudi Arabia is interested in the concept of Web 3.0 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. Although while it remains to be seen how Saudi Arabia will integrate Web 3.0 into its gaming industry, the kingdom is actively seeking to learn and implement best practices.
Saudi Arabia’s Web 3.0 Gaming Applications and Financial Literacy
As Saudi Arabia explores Web 3.0 gaming, the industry could play a critical role in driving mainstream adoption. Financial literacy will be an important aspect of this adoption process, as Web 3.0 users need to comprehend the value and probable of their assets. Animoca co- founder Yat Siu outlines the need for users to go beyond simply having a wallet and develop a deeper understanding of investing. Success in Web 3.0 adoption will rely on introducing new game models that strengthen 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 Web 3.0 gaming segment could attract 50 to 100 Million players within the next two years.
Saudi Arabia’s interest in Web 3.0 gaming demonstrates its commitment to economic diversification and embracing emerging technologies. By investing in the gaming sector, the country intends to position itself as a worldwide gaming hub. Although while it remains to be seen how Saudi Arabia will integrate Web 3.0 into its gaming industry, the kingdom’s desire to learn and lead in this space sets it apart. Financial literacy will be critical for Web 3.0 adoption, as users need to comprehend the value of their assets. Future of the gaming lies in Web 3.0, and Saudi Arabia is poised to be at the cutting edge of this technological transformation.
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