Daily Insights: Updates on Crypto, Blockchain, NFTs, Web3, and Play-to-Earn Gaming

Saudi Arabia is undergoing a remarkable transformation driven by the convergence of Web3 technologies and its forward-thinking Vision 2030 initiative, aimed at diversifying the nation's economy beyond oil dependency. To achieve this, the country is actively embracing emerging technologies, particularly focusing on Web3 innovations such as blockchain and artificial intelligence (AI), as well as venturing into the gaming industry to foster economic growth and global influence.Vision 2030 and Web3 Interest:Saudi Arabia's Vision 2030 is a comprehensive plan designed to diversify the economy and reduce dependence on oil.The nation is embracing Web3 technologies due to its young and tech-savvy population, coupled with a strong gaming culture.The Boston Consulting Group reports that Saudi Arabia contributes 45% of the Middle East's gaming industry, valued at over $1.8 billion, highlighting its potential as a gaming powerhouse.In 2017, the Saudi E-sports Federation was established to regulate and grow the gaming industry.Saudi Arabia's Investments in Web3 Gaming:The Public Investment Fund of Saudi Arabia committed a substantial $38 billion to the gaming sector, signaling its intent to become a global gaming hub.However, challenges remain, including the absence of clear regulations governing cryptocurrencies and virtual assets, hindering the integration of Web3 technologies.Learning and Collaboration:Saudi Arabia actively seeks expertise from other areas to learn about best practices and strategies for Web3 adoption.Industry leaders, such as Yat Siu of Animoca Brands and John Linden of Mythical Games, acknowledge the gradual adoption of Web3 within the gaming sector.The Path to Web3 Mass Adoption:Transitioning from Web2 to Web3 involves more than providing digital wallets; it requires financial literacy and an understanding of digital assets.Users must comprehend the value and utility of their digital assets and participate in network effects to maximize their worth.The Future of Web3 Gaming in Saudi Arabia:The Web3 gaming sector holds great promise, with Saudi Arabia expected to play a significant role in its evolution.John Linden predicts that the Web3 gaming segment could onboard 50 to 100 million players in the next two years.Mythical Games aims to reach 10 million players for its titles by the end of 2023.Clear regulations for cryptocurrencies and virtual assets are crucial for fostering innovation and growth within the Web3 gaming landscape in Saudi Arabia.

Mythical Games, the proud developers of NFL Rivals and Blankos Block Party, has successfully secured 37$ million in Series A funding round. The dominating firm further seeks $20–30 million in value to be made public later this year. According to a statement from Mythical Games, the funding will allow to carry out Mythical ambition of providing creativity to video games through Web3 infrastructure. Scytale Digital served as the lead investor in the Series C1 expansion round. Other new investors included ARK Invest, Animoca Brands, MoonPay, Proof, and Stanford Athletics.