FacebookTwitterLinkedInTelegramCopy LinkEmail

Animoca Brands and NEOM Forge $50M Partnership for Web3 Innovation in Saudi Arabia

Animoca Brands and NEOM Forge $50M Partnership for Web3 Innovation in Saudi Arabia

In a groundbreaking move, Animoca, a company specializing in metaverse and blockchain gaming, has formed a strategic alliance with the NEOM Investment Fund, marking a significant leap into the burgeoning realm of web3 technology.

Reports indicate that the NEOM Investment Fund of Saudi Arabia is exploring a substantial investment in Animoca Brands, potentially reaching up to $50 million. This investment includes $25 million earmarked for convertible notes, expected to be issued at a conversion cap price of A$4.50 (roughly $2.85) per share. The remaining $25 million is intended for the purchase of Animoca’s shares on the secondary market.

As part of their collaboration, Animoca will spearhead the creation of web3 solutions that offer broad commercial viability, with a specific focus on advancing technology in both Riyadh and the NEOM region. Moreover, Animoca intends to establish a dedicated web3 hub within NEOM, the futuristic $500 billion city being constructed in the northwestern region of Saudi Arabia, spanning an area of 263,000 hectares.

CEO Majid Mufti of the NEOM Investment Fund emphasized the critical role of web3 technology and infrastructure in shaping the city’s technological landscape and its potential to revolutionize various global industries.

Yat Siu, a co-founder of Animoca Brands, envisions NEOM as a potential pioneer in fully leveraging the potential of blockchain technology. Animoca plans to set up a specialized web3 hub within the city.

READ MORE: Shiba Inu and Floki Investors Struggling Amid Volatility

This development closely follows NEOM’s investment subsidiary’s decision to include Animoca Brands among several other firms in their investment portfolio, indicating a collective effort to foster businesses and cultivate a thriving economic ecosystem within NEOM.

NEOM, a visionary $500 billion smart city being developed from scratch by Saudi Arabia along the Red Sea’s desert border, is expected to reach a significant stage of completion by 2030. It is poised to incorporate futuristic features, including a floating industrial complex, business centers, tourist attractions, and sports venues.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.