Animoca Brands, the company advancing digital property rights for gaming and the open metaverse, today announced that it has entered into a Memorandum of Understanding (MOU) with King Abdulaziz City for Science and Technology (KACST) to collaborate to advance the Web3 and gaming ecosystem in the Kingdom of Saudi Arabia (KSA).
Founded in 1977 and previously known as the Saudi Arabian National Centre for Science and Technology, KACST operates as an independent governmental entity tasked with fostering the advancement of science and technology, as well as facilitating collaboration among various scientific institutions in the KSA.
Under the partnership, Animoca Brands and KACST will work together to strategically drive the advancement of the Web3 ecosystem and gaming ecosystem in Saudi Arabia, including establishing a physical Web3 Hub located in Riyadh to incubate Web 3 startups and blockchain technologies in the region. This initiative extends beyond the physical infrastructure, aiming to contribute to the socio-economic development of the KSA by supporting local talent through education, training, and employment initiatives.
The collaboration and the Web3 Hub will involve joint research in Web3, blockchain, gaming, AI, and the metaverse, along with strategic partnerships with local universities to provide tailored educational programs. Animoca Brands will provide consultancy services in tokenomics and Web3 economics to projects and companies in KSA, and both companies will jointly develop immersive experience labs that showcase the latest in gaming, technology, and digital innovation. KACST will allocate office space to support the physical infrastructure needs of startups within the Web3 and gaming ecosystem, while Animoca Brands will provide its Web3 industry expertise in this domain.
