Saudi Arabian entity NEOM has unveiled its plan to make a substantial investment of US$50 million in Animoca Brands, a major player in the field of digital property rights for the open metaverse. The strategic move, endorsed by the Saudi Sovereign Wealth Fund, is part of Crown Prince Salman Jr.’s extensive US$500 billion initiative.
Partnership Overview
The ultimate goal of the partnership is to propel forward Web3 projects in alignment with the goals outlined in Saudi Vision 2030. The terms of the investment involve NEOM Investment Fund committing US$25 million through the issuance of convertible notes, the pricing of which is capped at A$4.50 per share. This approach follows the funding strategy previously executed by Animoca Brands in a September 2022 funding round. Additionally, the investment plan includes purchasing US$25 million worth of company shares in the secondary market.
Strengthening Web3 Development
This partnership is poised to amalgamate the capabilities of both entities to establish comprehensive Web3 enterprise service solutions with a global commercial influence. The technological advancements resultant from this collaboration are set to bring significant benefits to Riyadh and the NEOM region, marking a substantial progression in the area’s technological landscape.
Animoca Brands is taking charge of various Web3 initiatives, including the creation of a NEOM-based hub aimed at fostering the local Web3 ecosystem. This hub will leverage the resources of Animoca Brands, its subsidiaries, and its expansive investment portfolio.