Saudi Arabia Leverages Web3 and Gaming to Drive Economic Diversification Efforts
Summary:
Saudi Arabia is making strides in diversifying its economy through embracing blockchain, AI, and gaming. The country's interest in Web3 and its potential in the gaming industry is evident. With a young and tech-savvy population, Saudi Arabia is driving the growth of the Middle East's gaming market, representing a significant portion of the sector. The country has also invested heavily in becoming a global gaming hub. However, the integration of cryptocurrency and virtual assets into gaming still needs clarification. Financial literacy is crucial for successful adoption of Web3, and new game models that offer ownership of in-game assets are seen as drivers of adoption.
Saudi Arabia is intensifying its efforts to diversify its economy by embracing emerging technologies like blockchain and artificial intelligence (AI) and tapping into booming markets such as gaming. According to Animoca Brands co-founder Yat Siu, the country is particularly interested in Web3 and recognizes its potential in the gaming industry. With a young and tech-savvy population, Saudi Arabia is driving the growth of the Middle East's gaming market, representing 45% of the sector in the region, with a value of over $1.8 billion. The kingdom has also invested $38 billion through its Public Investment Fund to establish itself as a global gaming hub. However, the integration of cryptocurrency and virtual assets into gaming remains unclear due to the absence of clear rules and regulations. Despite this, Saudi Arabia is actively seeking best practices and learning from other markets. Successful adoption of Web3, whether in gaming or other industries, requires financial literacy among users. It is not simply about providing them with a wallet, but also educating them about the value and potential of their digital assets. While Web3 adoption in gaming may be progressing slowly, industry experts believe that focusing on new game models and incorporating principles such as the creator economy and ownership of in-game assets will attract gamers to the Web3 ecosystem.
Published At
9/8/2023 1:01:00 PM
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