As the business continues to make sizeable bets on Web3 start-ups, Animoca Brands is planning a substantial push into the Middle East despite recent efforts by the Hong Kong government to improve ties with the region.
Yat Siu, a co-founder of Animoca Brands, stated that the company plans to invest tens of millions of dollars in the Middle East due to the region's favorable cryptocurrency rules, vibrant gaming industry, and youthful population.
According to Siu, Animoca has a lot of opportunities in the Middle East's expanding markets because of the nation's crypto-friendly regulations, thriving gaming industry, and young population.
In order to develop a Web3 project, Animoca will also collaborate with Manga Productions, a division of the MiSK Foundation, run by Saudi Crown Prince Mohammed bin Salman.
Through their partnership, Animoca Brands and Manga Productions will be able to collaborate closely on a number of crucial projects, initially concentrating on creating Web3 pilot projects across the extensive ecosystem of Animoca Brands and utilizing Manga Productions' top-notch content portfolio in the Middle East.
Additionally, Animoca Brands will employ its business and operational expertise to provide local talent in pertinent fields with access to educational and professional opportunities. Animoca Brands has already initiated preliminary discussions with institutions in Saudi Arabia to develop introductory blockchain courses.
John Lee Ka-chiu, the CEO of Hong Kong, traveled to Saudi Arabia and the United Arab Emirates last month with the goal of fostering trade relations in the area (UAE).
Animoca is one of the biggest investors in Web3, the third-generation World Wide Web built on decentralized technologies like blockchain.
In 2021, as interest in non-fungible tokens (NFTs) and the metaverse developed quickly, Animoca rose to prominence as a top Web3 business, in large part because of their blockchain gaming platform, The Sandbox.
While Hong Kong prepares for a consultation process that might eventually legalize a type of retail cryptocurrency trading in the territory, the mainland government in Beijing may also be covertly supporting the notion.