• Thu. Apr 25th, 2024

Saudi Adopts Web3 And Blockchain Gaming For Economic Diversification Plans

Maria Bartiromo

ByMaria Bartiromo

Sep 8, 2023

Saudi Arabia focuses on blockchain games and the decentralized Web3 ecosystem to diversify its economy and exploit new technologies. According to a recent report by the Boston Consulting Group, the kingdom already controls a sizeable 45% of the region’s blockchain gaming market, with a total market value of more than $1.8 billion.

The Saudi Arabian government’s larger economic diversification policy, Vision 2030, aims to lessen the country’s reliance on oil earnings and foster innovation across many industries, including a push for blockchain gaming and Web3 technology. Abdul Siu, co-founder of Animoca, a prominent blockchain gaming startup, significantly supports this shift toward Web3 and blockchain gaming in Saudi Arabia.

When discussing this transition, Siu highlights the value of financial literacy, saying that “a successful conversion of users into Web3, whether it’s in gaming or not, should come with financial intelligence.”  emphasizes the need to comprehend the function of digital currencies, the Blockchain, and Decentralized Finance (DeFi) for people to act responsibly in the Web3 sector.

Abdul Siu And John Linden In Talks, Government Readies  Regulation

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Siu goes on to claim that consumers of Web2 and Web3 differ. Siu says, “Most Web2 users are not capital investors because they are primarily laborers as opposed to Web3 users who are knowledgeable about investing.” John Linden, CEO of Mythical Games, added his thoughts to the conversation and noted that the game industry is already embracing Web3 technologies, albeit more slowly than other continents.

Linden also reveals that they “may anticipate seeing greater growth and innovation as the ecosystem develops and regulatory frameworks are better established.” Beyond private businesses, Saudi Arabia is committed to embracing Web3 and blockchain gaming.

To help this expanding business, the government has been actively looking into regulatory frameworks and partnerships. In April, Bloomberg reported that through its $38 billion Public Investment Fund investment, the Saudi Arabian government plans to become a global gaming hub.

The Saudi Arabian government is also working to partner with eSports to develop an innovation that works in that direction. Siu also disclosed that the roadmap to achieve this move is still unclear because of the absence of a clear law guiding cryptocurrency and other digital assets.

Mythical Game Targets 10 Million By 2023, As Players Increase

The monarchy is also actively participating in international blockchain and cryptocurrency groups to promote cooperation and knowledge sharing. While speaking to Cointelegraph’s Hermi De Ramos, John Linden said that the company has already started witnessing a considerable amount of Web3 adoption in the gaming industry.

Linden also assured that many Web3 users are beginning to take full advantage of Web3, considering the magnitude of buying and selling in that sector.  Linden projected that the Web3 gaming industry will likely attract 50-100 million players in two years. The Mythical Games targets over 10 million players for their many game titles by the end of 2023.

It has also been gathered that Savvy Games Group has set aside $532 million for what it has termed a diversified investment to grow its reputation in the Saudi Arabia eSports industry. There is also a $5.3 billion investment, which is meant to be channeled to (what they termed) the “matured/experienced industry partners,” – which is targeted at veterans with a firm understanding of the video game industry.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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