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<ul><li>NEOM Investment Fund to invest $50 million in Animoca Brands, boosting digital infrastructure and Web3 technology development.</li><li>The collaboration focuses on building Web3 enterprise service capabilities with global applicability in Riyadh and the NEOM region.</li><li>The alliance encompasses the establishment of a hub within NEOM that aims to nurture the local Web3 ecosystem and integrate capabilities from Animoca Brands.</li></ul>In a groundbreaking move towards shaping the future of digital infrastructure, metaverse gaming firm Animoca Brands has <a href="https://www.animocabrands.com/animoca-brands-and-neom-announce-strategic-partnership-and-investment" rel="noopener noreferrer nofollow">announced</a> a strategic partnership with NEOM, aimed at accelerating regional Web3 initiatives. This collaboration aligns seamlessly with the <a href="https://www.vision2030.gov.sa/en/" rel="noopener noreferrer nofollow">Saudi Vision 2030 plan</a>, underlining a pivotal moment in the evolution of digital property rights and the open metaverse.NEOM Investment Fund, the strategic investment arm of NEOM, is set to invest a substantial $50 million in Animoca Brands. This investment will materialize through the issuance of convertible notes, totaling $25 million, and an additional $25 million earmarked for purchasing Animoca Brands&#39; shares in the secondary market.Under this strategic alliance, Animoca Brands and NEOM will collaborate on building Web3 enterprise service capabilities with global applicability. The focus lies on technological advancements in Riyadh and the NEOM region. This ambitious venture encompasses diverse Web3 initiatives, including the establishment of a hub within NEOM. This hub aims to nurture the local Web3 ecosystem and integrate capabilities from Animoca Brands, its subsidiaries, partners, and extensive portfolio of investments.Majid Mufti, CEO of NEOM Investment Fund, expressed enthusiasm about the partnership, highlighting the potential of Web3 technology to revolutionize global industries. He emphasized,Read full article at <a href="https://cryptotale.org/neom-and-animoca-brands-forge-alliance-to-propel-web3-development-in-saudi-arabia/" rel="noopener noreferrer nofollow">CryptoTale.</a>

NEOM and Animoca Brands Forge Alliance to Propel Web3 Development in Saudi Arabia

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