Neom adds Animoca $50M partnership to bolster Vision 2030 plan

Animoca Brands, an open metaverse landscape, has formed a strategic partnership with NEOM Company, the force behind Saudi Arabia's iconic NEOM City. The partnership aims to bolster Web3 initiatives in the region, aligning perfectly with Saudi Arabia's ambitious Vision 2030 plan.

• Shared Vision: Animoca Brands and NEOM Company will collaborate on the development of Web3 enterprise service capabilities with a global reach. These services will be utilized to spur technological advancements in Riyadh and the wider NEOM region.

• Project Scope: Various Web3 initiatives fall under this broad umbrella, including plans to create a Web3 hub within NEOM City. This hub will cultivate the local Web3 ecosystem, leveraging the extensive capabilities of Animoca Brands, its subsidiaries, and partners, as well as its wide-ranging investment portfolio.

• Financial Commitment: As part of this alliance, the NEOM Investment Fund (NEOM's strategic investment wing) plans to invest $50M in Animoca Brands via convertible notes and secondary share purchase.

• About NEOM City: NEOM is a region under construction in northwest Saudi Arabia along the Red Sea. It will feature hyperconnected, cognitive cities, ports, enterprise zones, research centers, sports and entertainment venues, and tourist destinations, making it a hotspot for innovation.

• About Animoca Brands: Animoca Brands boasts a diverse portfolio of products, including original games like The Sandbox, PHANTOM GALAXIES, Life Beyond, and Crazy Defense Heroes, and leveraging popular IPs like The Walking Dead, Power Rangers, MotoGP, and Formula E.

Animoca Brands also owns multiple subsidiaries and has a portfolio of over 400 investments through Animoca Ventures, including Yuga Labs, Axie Infinity, Polygon, Consensys, Fireblocks, OpenSea, Dapper Labs, Yield Guild Games, and Alien Worlds.