Last Updated on 2 weeks by Ameer Hamza
The Kingdom of Saudi Arabia is notable for its strategic moves towards economic expansion. One of the foremost ways the kingdom aims to achieve its Vision 2030 is by supporting innovation and adopting emerging technologies like blockchain.
With blockchain technology in its purview, the nation is looking to explore opportunities in this sector. Gaming and Web3 are two industries Saudi Arabia aims to utilize in its effort for economic diversification.
Web3 Gaming and Saudi’s interest
Since the launch of the Vision 2030 initiative to reduce the nation’s dependence on oil, Saudi Arabia has constantly explored means to achieve its laudable goal. By embracing new technologies like blockchain and artificial intelligence (AI), the thriving market of Web3 gaming has aided Saudi’s focus on economic expansion.
Over half of the population of Saudi Arabian residents are young people. In addition, Saudi Arabia currently holds over 45% of the gaming industry in the Middle East, which is worth more than $1.8 billion. These statistics, coupled with the nation’s interest in developing its gaming industry, contribute to the high potential Web3 gaming has in Saudi Arabia.Moves to grow the Saudi Web3 gaming industry
In 2017, the kingdom created the Saudi E-sports Federation to grow its gaming business and set the stage for future success. Furthermore, Saudi Arabia invested an astonishing $38 billion in its gaming sector through the Public Investment Fund. The considerable investment signals Saudi’s intention to emerge as a global gaming hub and its commitment to create a thriving gaming ecosystem in its terrain.
Again, by partnering with entities like The Sandbox and Animoca, Saudi Arabia shows its interest in Web3 and exploring the future of gaming. Animoca Brands is a software company focused on blockchain gaming and NFTs, and The Sandbox is a subsidiary of Animoca. Yat Siu, co-founder of Animoca brands, noted the kingdom’s dedication to learning from other areas and looking for help to know possible plans and practices for Web3 adoption.
The potential the Web3 gaming industry holds to aid the economic growth of Saudi Arabia is vast. However, there is still work to be done to establish this reality. For example, Saudi Arabia does not have clear regulations guiding the use of virtual assets.
When the country can develop regulatory frameworks and guiding policies for cryptocurrencies and other digital assets, it will create a friendly atmosphere. Thus, this can encourage innovation within the Web3 gaming world in Saudi Arabia, leading to economic growth.
Although Saudi Arabia still needs to develop these clear regulations, the country shows promise as a leading gaming hub. Through its investments and engagements in Web3 gaming, Saudi is positioned to play a unique role in its rise and evolution.