With Saudi Arabia shifting its economic gears from oil-based revenue to new avenues, blockchain gaming and Web3 are the two emerging technologies that have caught its attention. As the kingdom navigates the path, driven by an ambitious plan called Vision 2030, it looks set to gradually distance itself from a predominantly oil-dependent economy. Such diversification, though, hasn’t put Saudi Arabia on the map of global game and AI development just yet, but the recent surge in its gaming sector investments could be a game-changer.
Countering the traditional gaming community and developers’ resistance, Animoca Brands co-founder Yat Siu, based on his extensive work and communication experiences, conveys that Saudi Arabia is very receptive to the concept of Web3. Undeniably, Web3 gaming or blockchain gaming sets the stage for future gaming trends. Herein, the kingdom’s associations with entities like The Sandbox and Animoca, testify to its intentions to explore the new internet wave. Yet, there’s a lingering question – how much of encrypted currency and other virtual assets will find their application in gaming, as Saudi Arabia is still figuring out the way to regulate these entities.
Despite the oil-rich nation’s understanding of Web3’s high-level concept and its potential for the eSports arena, it is yet to outline a strategy concerning the cryptocurrency. The onus thus is on creating financial literacy amongst the youth, who constitute a substantial chunk of the burgeoning gaming market in Saudi Arabia and the United Arab Emirates. While getting hobbyists and conventional users to adopt Web3 isn’t challenge-free, in the voice of John Linden, CEO of Mythical Games, Web3 gaming could onboard 50 to 100 million players in the next two years. His argument puts forth that, rather than being mere profit-churning tools, these games should seek to enhance user experience, thereby entailing the creation of digital supply chains, ownership of guilds, and the ability to craft original theories within a game.
As Saudi Arabia steers its economic ship towards unchartered waters, the kingdom is on its way to becoming a global gaming hub. With the Public Investment Fund pouring in $38 billion into the sector, the potential for gaming to raise Web3 adoption runs high. As things stand now, the crystal ball seems to suggest bullish times for the Middle Eastern country’s gaming market, currently valued at more than $1.8 billion. Though the numbers certainly evoke optimism, how blockchain games fulfill the promise they bear or the shape they eventually take, remains to be seen. Just as the saying goes, the future of this sector could very much be a mixed bag of hits and misses.
Source: Cointelegraph
