NEOM's investment in Animoca Brands supports Saudi Vision 2030 and promotes web3 infrastructure development
Saudi Arabia's NEOM megaproject has proposed a significant investment in Animoca Brands, a leading crypto gaming investment company. The proposed investment is valued at $50 million and will be made through convertible notes and the purchase of shares on the secondary market.
The partnership between NEOM and Animoca Brands is aimed at promoting the development of web3 infrastructure in the NEOM region. This aligns with the Saudi Vision 2030 plan, which is a strategic framework to reduce Saudi Arabia's dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism.
Animoca Brands plans to provide web3 enterprise service capabilities and establish a hub within NEOM to foster the growth of the local web3 ecosystem. This collaboration will focus on building blockchain-based services and Web3 projects tailored to Neom's futuristic vision. The company's role will be crucial in advancing the adoption of crypto technology in the Gulf region.
NEOM is a $500 billion smart city project located on the Red Sea coast of Saudi Arabia. It is part of Saudi Arabia's Future City initiative and is designed to embrace emerging technologies in the development of a green energy-powered city. The investment in Animoca Brands is part of NEOM's plan to become a hub for new technologies and innovation.
The proposed investment by NEOM in Animoca Brands signifies a significant step towards the adoption of crypto technology and the development of web3 infrastructure in Saudi Arabia. It aligns with the country's Vision 2030 plan and positions NEOM as a leading hub for technological innovation. The partnership also highlights the growing importance of blockchain and crypto technology in the development of smart cities.