Animoca Brands and NEOM Partner to Shape Web3 Future
Animoca Brands formed a strategic partnership with NEOM to bolster web3 initiatives in alignment with the Saudi Vision 2030 plan.
The Deets
- Partnership worth: A total investment of $50 million by NEOM in Animoca Brands.
- Investment details: $25 million through convertible notes and the other half in secondary market share purchases.
- Main objective: Develop web3 enterprise service capabilities for global application, focusing on technology advancements in Riyadh and NEOM.
- Bigger plans: Set up a hub within NEOM to foster the local web3 ecosystem, leveraging expertise from Animoca Brands, its subsidiaries, and partners.
The Bulk
Animoca Brands formed a partnership with NEOM Company to strengthen the development of web3 in the Middle East. This collaboration is financially solidified through a $50 million investment by the NEOM Investment Fund into Animoca Brands. Out of this, half is set for convertible notes issuance, and the rest will be directed to the acquisition of the company’s shares in the secondary market.
Incorporating NEOM’s ambitions and Saudi Vision 2030, the alliance targets the creation of web3 enterprise solutions with a global reach. Riyadh and the NEOM region are pegged to be the focal points of these technological endeavors. A crucial component of this partnership includes plans to establish a web3 hub within NEOM. This initiative aims to tap into the vast resources and capabilities of Animoca Brands, its partners, and its extensive investment portfolio.
❗Why It Matters The collaboration between Animoca Brands and NEOM symbolizes a monumental leap in integrating Web3 technologies with traditional infrastructures. By fostering an ecosystem that thrives on the blend of these domains, NEOM could potentially lead the charge in blockchain-powered advancements, setting a global standard.
📊 By the Numbers
- $50 million - The total proposed investment amount by NEOM Investment Fund into Animoca Brands.
- $25 million - Amount dedicated to convertible notes.
- $25 million - Intended for purchasing Animoca Brands’ shares on the secondary market.
🎤 Founder Feedback
We have always referred to the growth of the Web3 ecosystem as the emergence of a new meta-nation, and now NEOM could well become the first region to fully harness the power of blockchain.Yat Siu, co-founder and executive chairman of Animoca Brands
🔜 What's Next?
While the finalization of the Convertible Notes Financing agreement hinges on certain conditions, the larger vision is set.
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