September 12, 2023

Saudi Arabia So Interested in Web3 Technologies, Animoca Brands Co-founder Says

Saudi Arabia

Saudi Arabia

Saudi Arabia is trying to diversify its economy and reduce its dependence on oil as part of its ambitious Vision 2030. The country is embracing emerging technologies like blockchain and AI and investing in booming markets such as gaming.

Although Saudi Arabia has yet to significantly impact the global game and AI development, experts in the Web3 field believe that the country’s investments in the gaming sector could have far-reaching effects. Based on their work and communications, Animoca Brands co-founder Yat Siu revealed that Saudi Arabia is very interested in Web3.

Through partnerships with entities like The Sandbox and Animoca, Saudi Arabia is making efforts to explore the new iteration of the internet.

Yat Siu said: “I think Saudi [Arabia] understands the principle that Web3 gaming or blockchain gaming — the one that we prove the owner assets — is going to be the future of gaming.”

Saudi Arabia and the UAE are leading the growth of the Middle East’s gaming market, thanks to its young and tech-savvy population. According to a report by the Boston Consulting Group, the kingdom represents 45% of the gaming sector in the region, with a value of over $1.8 billion.

It also has one of the area’s largest game revenues, as game content studio Allcorrect reported. In 2017, the Saudi Esports Federation was established to regulate and develop the gaming industry in the country.

Although the Saudi government understands the concept of Web3 and its potential alignment with esports – where teams can own stakes in their games – it remains to be seen how it will integrate with gaming due to the absence of clear rules on cryptocurrency and other virtual assets.

According to him, cryptocurrency is something that is still to be explored. It’s being investigated. I think [Saudi Arabia is] quite forward about how to deal with it. But they have yet to come up with anything.

Although it is uncertain what Web3 gaming applications from Saudi Arabia would entail, Siu stated that the country is exploring other markets and gaining knowledge.

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