KEY POINTS
Animoca Brands has extended its commitment to Web3 through a strategic collaboration with King Abdulaziz City for Science and Technology (KACST) to establish a Web3 hub in Saudi Arabia.
The collaboration, detailed in a press release disclosed to Cryptoflies, aims to foster Web3 and gaming innovation in the region by establishing a physical Web3 Hub in Riyadh, serving as an incubator for startups specializing in Web3 technologies.
The Web3 hub will also play a pivotal role in advancing research across various domains, including Web3, blockchain, gaming, artificial intelligence (AI), and the metaverse. Moreover, it will also facilitate partnerships with local universities to promote educational programs focusing on these emerging technologies.
As part of the collaboration, Animoca Brands will contribute consultancy services in tokenomics and Web3 economics to projects and companies, while KACST will provide office space to meet the physical infrastructure needs of Web3 startups.
Established in 1977, KACST functions as an independent governmental body focused on fostering the progress of science and technology and facilitating collaboration among various scientific institutions in Saudi Arabia.
This collaboration with KACST marks another strategic move for Animoca Brands in its ongoing efforts to advance Web3.
In recent initiatives, the company fortified its Mocaverse non-fungible token (NFT) project by partnering with leading crypto wallets such as OKX, Crypto.com, and Halo. Simultaneously, Animoca Brands expanded its Mocaverse NFT Project into South Korea, forging key partnerships to integrate Korean Web3 culture.
Last year, Animoca Brands inked a memorandum of understanding (MoU) with Web3 financial app hi, accompanied by a $30 million investment to bolster hi’s Web3 ecosystem and fuel its NFT expansion. Additionally, Animoca Brands acquired Azarus, a Web3 gaming platform, to strengthen its position in the web3 gaming industry.
