Connect with us

Hi, what are you looking for?

Bytes

Futuristic Saudi City Neom Invests $50M In Metaverse Firm Animoca Brands

The blockchain company refers to the growth of the Web3 ecosystem as the emergence of a new meta-nation – and Neom could well become the first

Image source: Neom.com

Animoca Brands, the company at the forefront of advancing digital property rights for the open metaverse, has entered into a Strategic Partnership with Neom to drive regional Web3 initiatives in line with the Saudi Vision 2030 plan.

Alongside the strategic partnership, the Company and Neom Investment Fund have signed a Convertible Notes Financing Term Sheet. Neom will invest $50 million in Animoca Brands, of which $25 million will be via the issuance of convertible notes at a conversion cap price of A$4.50 per share. The remaining US$25 million will be invested in purchasing the company’s shares on the secondary market. 

As part of the strategic relationship, Animoca Brands will work with Neom on building Web3 enterprise service capabilities with global commercial applicability, which will be deployed to support technology advancements in Riyadh and the Neom region. These projects will include a range of Web3 initiatives, including plans to establish a hub to nurture the local Web3 ecosystem and bring in extensive capabilities from across Animoca Brands and its subsidiaries, partners and portfolio of investments.

Majid Mufti, CEO of the Investment Fund said, “We are excited to partner with Animoca Brands to support the development of Neom’s digital infrastructure. Web3 technology and infrastructure development will not only be an important foundation of Neom’s tech stack and architecture, but also has potential to revolutionise global industries. By partnering with a market-leading company like Animoca Brands, we hope to accelerate Web3 technology development and adoption.”

Yat Siu, the co-founder and executive chairman of Animoca Brands commented, “We are honoured and excited to partner with and receive investment from Neom, one of the world’s most ambitious projects seeking to use innovation and technology to redefine how we live, work, and play. We have always referred to the growth of the Web3 ecosystem as the emergence of a new meta-nation, and now Neom could well become the first region to fully harness the power of blockchain.”

Written By

Steve is an award-winning editor and copywriter with more than 20 years’ experience specialising in consumer technology and video games. With a career spanning from the first PlayStation to the latest in VR, he's proud to be a lifelong gamer.

You May Also Like

Level Up

Eager to be at the metaverse frontier, but not sure how to get started? As exciting as the idea of a shared digital space...

Bytes

New blockchain gaming platform based on Unreal Engine 5.

Bytes

The record for the most expensive land sale in the metaverse has just been raised

Bytes

Fashion brand teams up with proto-metaverse for two new eyewear options, the Helux and Hydra

Advertisement
Advertisement

Subscribe to the future

Advertisement