Animoca Brands and KACST forge strategic partnership, will launch Web3 Hub in Saudi Arabia
11 March 2024 – Animoca Brands, the company advancing digital property rights for gaming and the open metaverse, today announced that it has entered into a Memorandum of Understanding (MOU) with King Abdulaziz City for Science and Technology (KACST) to collaborate to advance the Web3 and gaming ecosystem in the Kingdom of Saudi Arabia (KSA). Founded in 1977 and previously known as the Saudi Arabian National Centre for Science and Technology, KACST operates as an independent governmental entity tasked with fostering the advancement of science and technology, as well as facilitating collaboration among various scientific institutions in the KSA.
Under the partnership, Animoca Brands and KACST will work together to strategically drive the advancement of the Web3 ecosystem and gaming ecosystem in Saudi Arabia, including establishing a physical Web3 Hub located in Riyadh to incubate Web 3 startups and blockchain technologies in the region. This initiative extends beyond the physical infrastructure, aiming to contribute to the socio-economic development of the KSA by supporting local talent through education, training, and employment initiatives.
The collaboration and the Web3 Hub will involve joint research in Web3, blockchain, gaming, AI, and the metaverse, along with strategic partnerships with local universities to provide tailored educational programs. Animoca Brands will provide consultancy services in tokenomics and Web3 economics to projects and companies in KSA, and both companies will jointly develop immersive experience labs that showcase the latest in gaming, technology, and digital innovation. KACST will allocate office space to support the physical infrastructure needs of startups within the Web3 and gaming ecosystem, while Animoca Brands will provide its Web3 industry expertise in this domain.
Dr. Mariam Nouh, VP of Economies of the Future in KACST, commented: "We are excited to join forces with Animoca Brands in building national capabilities for gaming, immersive experiences, and Web3 technologies. We seek to transform blockchain and digital innovation development by establishing the Web3 Hub and growing the Web3 ecosystem in Saudi Arabia."
Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “Joining forces with KACST to establish the Web3 Hub and grow the Web3 and gaming ecosystem in Saudi Arabia is a pivotal step for us and the region. This strategic partnership aligns with Animoca Brands' overall vision of advancing adoption and development in the Web3 space."
The collaboration between KACST and Animoca Brands marks a significant milestone in advancing the Web3 and gaming landscape in Saudi Arabia, bringing together the strengths and resources of both partners to fuel growth and innovation. The Web3 Hub will soon open registrations for interested participants.
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About KACST
KACST stands as a pioneering organization in science and technology, dedicated to supporting innovation and advancing scientific research to drive industrial development within the Kingdom of Saudi Arabia. Its commitment to national development is realized through several key objectives. These include providing substantial support for scientific research and technological development, conducting applied scientific research, and coordinating national activities in the expansive domains of science, technology, and innovation. KACST also actively works towards fortifying both local and international partnerships to facilitate technology transfer, localization, and development. Furthermore, the organization plays a vital role in delivering consultations, services, and innovative solutions, while simultaneously investing in technology development and optimizing its commercial processes to contribute to the broader goals of technological progress in the Kingdom.
About Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner, a Fortune Crypto 40 company, and one of the Financial Times’ High Growth Companies Asia-Pacific 2023, is a Web3 leader that leverages blockchain to deliver digital property rights to consumers around the world to help to establish the open metaverse. The company develops and publishes a broad portfolio of products including original games such as The Sandbox, PHANTOM GALAXIES™, Life Beyond, and Crazy Defense Heroes, and products utilizing popular intellectual properties from the worlds of sports and entertainment, such as The Walking Dead, Power Rangers, MotoGP™, and Formula E. It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Darewise Entertainment, Notre Game, TinyTap, SPORTPASS, PIXELYNX, WePlay Media, Gryfyn, and Azarus. Animoca Brands is one of the most active investors in Web3, with a portfolio of over 400 Web3 investments, both directly and through Animoca Ventures, including Yuga Labs, Axie Infinity, Polygon, Consensys, Fireblocks, OpenSea, Dapper Labs, Yield Guild Games, and many more. For more information visit www.animocabrands.com or follow on X (Twitter) or Facebook.
Contacts
Animoca Brands: press@animocabrands.com