Animoca Brands and NEOM Form Strategic Partnership to Foster Web3 Development
The partnership between Animoca Brands and NEOM is poised to accelerate the development and adoption of Web3 technology.
Animoca Brands has entered into a Strategic Partnership Memorandum of Understanding with NEOM Company to drive regional Web3 initiatives in line with the Saudi Vision 2030 plan. NEOM Investment Fund is proposing a substantial investment of US$50 million in Animoca Brands. Of this, US$25 million will be via the issuance of convertible notes, while the remaining US$25 million will be invested in purchasing the Company's shares on the secondary market.
As part of the strategic relationship, Animoca Brands will collaborate with NEOM on building Web3 enterprise service capabilities with global commercial applicability. These projects will encompass Web3 initiatives and the establishment of a hub within NEOM to nurture the local Web3 ecosystem, drawing from Animoca Brands' extensive capabilities and portfolio.
Majid Mufti, CEO of NEOM Investment Fund, expressed excitement about the partnership, emphasizing the importance of Web3 technology in NEOM's tech stack and its potential to revolutionize global industries.
Yat Siu, the co-founder and executive chairman of Animoca Brands, highlighted the significance of partnering with NEOM, an ambitious project focused on innovation and technology to redefine the future, and described the growth of the Web3 ecosystem as a new meta-nation.
NEOM, located in northwest Saudi Arabia, is being developed as a living laboratory, a hub for innovation, entrepreneurship, and technological advancements, with a vision to create an exceptional living environment, thriving businesses, and environmental conservation. It will include hyperconnected cities, research centers, sports and entertainment venues, and tourist destinations.
The partnership between Animoca Brands and NEOM is poised to accelerate the development and adoption of Web3 technology.
About NEOM AND ANIMOCA BRAND
NEOM is an ambitious project in northwest Saudi Arabia, designed to serve as an incubator of human progress and a vision for a New Future. It is being constructed from the ground up as a living laboratory, fostering entrepreneurship and innovation. NEOM will encompass interconnected cities, enterprise zones, research centers, and more, attracting innovators and businesses to explore, innovate, and thrive in groundbreaking ways.
Animoca Brands is a prominent Web3 leader that is transforming the world of blockchain and digital property rights to help create the open metaverse. The company is known for developing and publishing an extensive portfolio of products, including original games such as The Sandbox, PHANTOM GALAXIES™, Life Beyond, and Crazy Defense Heroes. Additionally, it leverages popular intellectual properties from the realms of sports and entertainment, with titles based on The Walking Dead, Power Rangers, MotoGP™, and Formula E.
As a prolific investor in the Web3 space, Animoca Brands boasts a portfolio of over 400 Web3 investments, achieved both directly and through its investment arm, Animoca Ventures. This portfolio encompasses a wide range of projects and companies, including notable names like Yuga Labs, Axie Infinity, Polygon, Consensys, Fireblocks, OpenSea, Dapper Labs, Yield Guild Games, Alien Worlds, and many others.
With accolades such as being a Deloitte Tech Fast winner, a Fortune Crypto 40 company, and one of the Financial Times' High Growth Companies Asia-Pacific 2023, Animoca Brands stands at the forefront of the digital revolution, shaping the future of the metaverse and Web3 technology.
