Saudi Arabia Explores Blockchain Gaming and Web3 to Expand Economy
Saudi Arabia is making efforts to diversify its economy as part of its ambitious Vision 2030. In this pursuit, the country is embracing emerging technologies like blockchain and artificial intelligence while also tapping into the growing gaming market.
Web3 experts believe that Saudi Arabia’s investments in the gaming sector could have far-reaching implications. The country has shown a keen interest in Web3 and its potential applications. Animoca Brands co-founder Yat Siu stated that Saudi Arabia recognizes that blockchain gaming, where players can truly own their in-game assets, is the future of gaming.
The Growing Influence of Saudi Arabia in the Gaming Industry
Saudi Arabia, along with the United Arab Emirates, is driving the growth of the gaming market in the Middle East. It represents 45% of the gaming sector in the region, with a value of over $1.8 billion. The country has also established the Saudi Esports Federation to regulate and develop its gaming industry.
Saudi Arabia has made significant investments in the gaming sector, aiming to become a global gaming hub. Its Public Investment Fund invested $38 billion in the sector. However, the integration of Web3 and cryptocurrency into the gaming industry remains unclear due to the absence of clear regulations in Saudi Arabia.
Siu explained that while the Saudi government understands the concept of Web3 and its alignment with esports, it is still exploring the possibilities and has yet to develop a clear strategy. In contrast, places like Hong Kong, Japan, and the UAE have more defined guidelines for crypto and Web3, allowing for strategic planning.
Despite the uncertainties, Siu noted that Saudi Arabia is actively seeking to learn from other markets and implement best practices. The country’s hunger and desire to be at the cutting edge of technology are unique and evident.
Driving Web3 Adoption through Gaming
Siu pointed out that successful adoption of Web3, whether in gaming or other industries, requires financial literacy. Being a true Web3 user goes beyond having a wallet but understanding the potential value and network effects of digital assets.
On the other hand, Mythical Games CEO John Linden sees the gradual adoption of Web3 within the gaming sector. Players are already familiar with the concept of buying and selling in-game assets, which aligns with the principles of Web3. He emphasized that the focus should be on creating new game models that enhance the user experience and encourage player engagement.
Linden predicts that the Web3 gaming segment could onboard 50 to 100 million players within the next two years, with their own titles targeting 10 million players by the end of 2023.
By exploring the potential of blockchain gaming and Web3, Saudi Arabia aims to diversify its economy and stay at the forefront of technological advancements. The country’s investments in the gaming sector and its interest in emerging technologies demonstrate its commitment to driving innovation and growth.
In the pursuit of economic diversification, Saudi Arabia is embracing blockchain gaming and Web3 technologies. This move not only reflects the kingdom’s ambition but also its recognition of the future potential of these technologies. By investing in the gaming sector and exploring the possibilities of Web3, Saudi Arabia is positioning itself as a key player in the global gaming industry. To stay updated with the latest crypto and blockchain news, visit Uber Crypto News.