As part of its Vision 2030 plan, Saudi Arabia is looking to diversify its economy and reduce dependence on oil by embracing blockchain gaming and Web3 technologies. With a young, tech-savvy population, the kingdom is expanding its gaming market, representing 45% of the Middle East's gaming sector with a value of over $1.8 billion.
Animoca Brands co-founder Yat Siu states that Saudi Arabia has shown significant interest in Web3 based on the partnerships it has with entities like The Sandbox and Animoca. The country seeks to explore the future of gaming, leveraging blockchain's ability to prove ownership of digital assets.
However, while the Saudi government is interested in the potential of Web3 and how it aligns with esports, the integration of cryptocurrency and virtual assets is still being explored. Saudi Arabia is also actively discussing and learning from other markets to stay at the cutting edge of the technology, as it aims to become a global gaming hub.
