Siu notes that Saudi Arabia is making an attempt to enter the next generation of the internet.
Saudi Arabia has poured $38B into the gaming industry through its Public Investment Fund.
Saudi Arabia’s aspirational Vision 2030 has fueled a surge in the country’s attempts to diversify its economy. The kingdom has welcomed new technology like blockchain and AI, and entered lucrative new areas like the gaming industry in an effort to reduce its reliance on oil.
However, Web3 experts believe that the country’s efforts in the gaming business might have far-reaching effects, even if it has yet to make a big impression on the global game and AI development.
Animoca Brands co-founder Yat Siu stated:
“Based on our work and communications that we have, Saudi [Arabia] is very, very interested in Web3.”
Siu notes that Saudi Arabia is making an attempt to enter the next generation of the internet by forming collaborations with companies like The Sandbox and even Animoca.
Siu further added:
“I think Saudi [Arabia] understands the principle that Web3 gaming or blockchain gaming — the one that we actually prove the owner assets — is going to be the future of gaming.”
Driving Expansion in Middle East
Saudi Arabia, along with the UAE, is driving the expansion of the Middle Eastern gaming sector due to the desire of its youthful, tech-savvy populace. A Boston Consulting Group study estimates the regional market to be worth about $1.8 billion, with the kingdom accounting for 45% of it.
The Saudi Esports Federation (SEF) was created in 2017 with the goal of developing and regulating esports in the kingdom. According to a Bloomberg article from April, Saudi Arabia has poured $38 billion into the gaming industry through its Public Investment Fund in an effort to establish the country as a major player on the international stage.