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Hong Kong-based Animoca Brands has announced its intent to invest a significant sum in Saudi Arabia’s budding Web3 gaming ecosystem.
Animoca Brands’ desire to be part of the growing Web3 ecosystem has seen it ink deals with key entities in the Gulf state, including a memorandum of understanding (MOU) with King Abdulaziz City for Science and Technology (KACST). Animoca Brands CEO Yat Siu confirmed in a statement that Saudi Arabia is the next uncharted frontier for the Web3 unicorn, citing several reasons. According to Siu, Saudi’s young and tech-savvy population stands on the precipice of a major transition to Web3 gaming, providing a window of opportunity to clinch valuable market share. “Most of our investments are all over the world. But our priority in terms of building out infrastructure and building out business operations is definitely Saudi,” said Siu. “Also, Saudi is a market in itself with a very strong gaming population.” It remains unclear exactly how much Animoca Brands will be willing to sink into the local play-to-earn gaming scene, but experts are predicting a hefty price tag. Despite a rising gaming culture, Web3 games are almost non-existent in Saudi Arabia, leaving Animoca Brands with a steep mountain to climb. Source: Coin Geek
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