Saudi Arabia’s Neom partners with Animoca Brands to incorporate blockchain and metaverse technologies into its $500B urban development project.
Key Takeaways
- Neom partners with Animoca Brands for blockchain and metaverse innovations.
- $50 million investment to strengthen the collaboration.
- Animoca Brands, a leader in Web3, brings its expertise to Neom’s Vision 2030.
- Neom’s ambitious 34,000-square-mile project aims to redefine urban living with advanced technologies.
Neom’s vision
Neom, the visionary urban development project in Saudi Arabia with a whopping $500 billion budget, is diving headfirst into the digital realm. In a strategic alliance, Neom is joining forces with Animoca Brands, a renowned powerhouse in the blockchain gaming and metaverse sectors. The goal is to infuse blockchain and Web3 technologies into Neom’s ambitious Vision 2030 – a blueprint for a futuristic, sustainable city.
This partnership solidifies Neom’s commitment to being at the forefront of technological advancement. To strengthen their collaboration, Neom is investing $50 million in Animoca Brands. Half of this amount will be used to acquire convertible notes directly from the company, while the rest will be utilized to purchase Animoca shares in the secondary market.
🚀 Welcome to the voyage of understanding "The Line," a cornerstone of #NEOM's vision. "The Line" is more than a structural entity; it's a leap towards sustainable urban living. In this thread, we will explore its length, the terrains it crosses, and its core concept. 🌿 pic.twitter.com/uyNs04VDhP
— Mohammed bin Salman Al Saud (informal) (@MBSvision2k30) October 25, 2023
Majid Mufti, CEO of Neom Investment Fund, expressed his excitement about the collaboration, emphasizing the transformative potential of Web3 technology for Neom’s digital architecture and global industries.
Animoca Brands is not just a financial partner; it’s an industry powerhouse in the blockchain-based services sector. Valued at $5.9 billion, Animoca Brands boasts a diverse portfolio, supporting influential Web3 companies such as OpenSea, Dapper Labs (creator of NBA Top Shot), and Sky Mavis (maker of Axie Infinity).
The NEOM investment fund
Yat Siu, co-founder and chairman of Animoca Brands, sees Neom as a pioneer in harnessing the full potential of blockchain, envisioning it as the emergence of a new “meta-nation.”
Neom’s ambitions extend beyond conventional urban development. The massive 34,000-square-mile project in Saudi Arabia’s Tabuk Province aims to be a model metropolis, integrating cutting-edge technologies with sustainable green energy solutions. Despite facing criticism over local tribe evictions, Neom remains committed to redefining urban living through technological innovation.
To support its ambitious goals, Neom has launched the NEOM Investment Fund (NIF), its strategic investment arm. NIF will play a crucial role in realizing Neom’s visions across 14 prioritized sectors, from job creation to technological evolution, contributing to Saudi Arabia’s long-term economic diversification and job growth.
NIF’s investment scope extends beyond Animoca Brands, targeting other companies like Pony.ai, Regent, and Boom Technology, aligning with Neom’s commitment to invest in the future.
To Conclude
The collaboration between Neom and Animoca Brands marks a significant step in the integration of blockchain and metaverse technologies into large-scale urban development projects. Neom’s ambitious Vision 2030, backed by a substantial budget, positions it as a potential pioneer in redefining urban living for the digital age. As Neom invests in companies like Animoca Brands, it demonstrates its commitment to embracing Web3 technologies to create a sustainable and technologically advanced future.
