In a strategic move, Animoca Brands, a Hong Kong-based company dedicated to advancing digital property rights for gaming and the open metaverse, has recently announced a Memorandum of Understanding (MOU) with King Abdulaziz City for Science and Technology (KACST). This collaboration aims to propel the Web3 and gaming ecosystem within the Kingdom of Saudi Arabia (KSA).
Establishing a Physical Web3 Hub in Riyadh
Under the partnership, Animoca Brands and KACST will collaboratively drive the advancement of the Web3 ecosystem and gaming landscape in Saudi Arabia. One of the key initiatives includes establishing a physical Web3 Hub located in Riyadh. This hub will serve as an incubation center for Web3 startups and blockchain technologies within the region, contributing not only to the physical infrastructure but also to the socio-economic development of KSA.
Comprehensive Collaboration Beyond Infrastructure
The collaboration extends beyond physical infrastructure, emphasizing contributions to the socio-economic development of KSA. The partnership aims to support local talent through education, training, and employment initiatives. Joint research in Web3, blockchain, gaming, artificial intelligence (AI), and the metaverse will be a crucial aspect, with strategic partnerships formed with local universities to provide tailored educational programs.
Consultancy Services and Immersive Experience Labs
Animoca Brands will provide consultancy services in tokenomics and Web3 economics to projects and companies in KSA. The collaboration will also witness the joint development of immersive experience labs, showcasing the latest innovations in gaming, technology, and digital realms. These labs will serve as a platform for experiential learning and innovation.
Key Roles of KACST and Animoca Brands
KACST will allocate office space to support the physical infrastructure needs of startups within the Web3 and gaming ecosystem. Simultaneously, Animoca Brands will leverage its Web3 industry expertise, contributing to the success of the initiative. This collaboration represents a significant milestone in advancing the Web3 and gaming landscape in Saudi Arabia, bringing together the strengths and resources of both partners.
Towards Growth and Innovation
The Web3 Hub, a focal point of this collaboration, is set to open registrations for interested participants soon. Dr. Mariam Nouh, Vice President of Economies of the Future in KACST, expressed excitement about transforming blockchain and digital innovation development in Saudi Arabia through the establishment of the Web3 Hub. Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, views this strategic partnership as a pivotal step aligning with the company’s vision of advancing adoption and development in the Web3 space.