Animoca Brands Corporation Ltd has entered a strategic partnership with NEOM Company to advance Web3 technology in line with Saudi Arabia's Vision 2030 plan.
Additionally, the NEOM Investment Fund has committed to a US$50 million investment in Animoca Brands, divided between the issuance of convertible notes at a conversion cap price of $4.50 per share and direct share purchases on the secondary market.
This strategic partnership signifies a collaborative effort to build Web3 enterprise services with worldwide applicability.
Initial focus areas include technology projects in Riyadh and the NEOM region.
"One of the world’s most ambitious projects"
Animoca co-founder and executive chairman Yat Siu said: “We are honored and excited to partner with and receive investment from NEOM, one of the world’s most ambitious projects seeking to use innovation and technology to redefine how we live, work, and play.
"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.”
Thrilled to formally announce that @animocabrands is one of @NEOM Investment Funds (NIF) inaugural Investments which will further expand the vision and mission of Web3 and Digital Property Rights in the region including our key #metaverse initiatives including @TheSandboxGame… pic.twitter.com/nERgTsoHit
— Yat Siu (@ysiu) October 30, 2023
About NEOM
NEOM is an accelerator of human progress and a vision of what a new future might look like.
It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future.
It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation.
NEOM investment fund CEO Majid Mufti said: “We are excited to partner with Animoca Brands to support the development of NEOM’s digital infrastructure.
"Web3 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture, but also has potential to revolutionize global industries.”
Back in October 2017, an ambitious dream to build the future was announced. Six years later, we’re still doing exactly that. #NEOM is real, and it’s starting to take shape.
Here’s our journey so far. pic.twitter.com/91OFaJ8CeO
— NEOM (@NEOM) October 27, 2023
NEOM will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations.
As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in groundbreaking ways.
Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.