May 23, 2024

NEOM Collaborates with Animoca to Propel Web3 Advancements in the Region

Web3 Technology.

Web3 Technology.

Last Updated on March 19, 2024 by newseditor

To further the goals stated in the Kingdom’s Vision 2030, Animoca Brands Corp., located in Hong Kong, and Saudi Arabia’s $500 billion giga-project NEOM have formed a strategic partnership to push regional Web3 initiatives.  

To create new enterprise service capabilities with worldwide commercial applications, Animoca Brands and NEOM will work together as part of this collaboration. This will be set up to facilitate technological progress in Riyadh and the NEOM area.

The Road Ahead: NEOM’s Web3 Technology Development and Adoption Plans

Web3 is the World Wide Web’s third generation. It embraces concepts like blockchain technologies, decentralization, and token-based economics. 

This strategic collaboration between Animoca Brands and NEOM also intends to establish a hub within NEOM dedicated to the development of the local Web3 ecosystem. 

The CEO of NEOM Investment Fund, Majid Mufti, expressed his enthusiasm for working with Animoca Brands to further NEOM’s digital infrastructure development. He pointed out that the development of Web3 technology and infrastructure will be a key component of NEOM’s tech stack and design and that this may spark a revolution in international businesses. He went on to say that the partnership with Animoca Brands, a market leader, was intended to hasten the creation and uptake of Web3 technology.

Additionally, NEOM and Animoca Brands have signed a convertible notes financing term sheet agreement, according to a press release.  

NEOM Investment Fund has agreed to invest $50 million in Animoca Brands. Of this sum, $25 million will be raised through the sale of convertible notes with a $4.50 per share conversion cap. The remaining $25 million will be used to buy secondary market shares of the company.  

In addition, the company did clarify that there are a number of prior requirements that must be met before the definitive documents for the notes are executed. 

Yat Siu, the co-founder of Animoca Brands, stated his delight and honor at working together with and receiving investment from NEOM, one of the most ambitious initiatives in the world that aims to transform how people live, work, and play via innovation and technology.   

It is also worth mentioning that, in order to enhance its transportation options, NEOM recently inked an investment agreement with the US-based electric seaglider manufacturer REGENT. NEOM wants to improve its capacity for sustainable water mobility by offering the area’s leading water transportation services. 

NEOM: WHAT IS IT?

An area in the Kingdom of Saudi Arabia’s northwest is known as NEOM. It is a new economic model for the nation and the world, being built by more than 3,600 employees from 97 different countries living and working on-site at NEOM. NEOM means “new future.” 

Takeaways

Animoca Brands and NEOM’s strategic alliance is a promising step forward for Web3 technology advancement and regional innovation. These efforts are in line with NEOM’s Vision 2030 aims of progress and technology-driven transformation, and if they gain traction, they could transform not only the local environment but also worldwide business paradigms.

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