- Animoca Brands has signed an MoU with Manga Productions.
- The Web3 venture capitalist firm will collaborate with the company to initiate regional projects.
Animoca Brands, a Web3 venture capital firm, is set on expanding to the MENA region. The company has announced signing a memorandum of understanding (MoU) with Manga Productions, a leading games production company in the Middle East.
The two companies will collaborate on various initiatives, such as propelling Web3 projects in the MENA region, promoting Manga Productions’ Web3 ecosystem, and more.
The region is burgeoning with Web3 projects. Countries like the United Arab Emirates and Saudi Arabia are competing to serve as the crypto hub of the world with their crypto-friendly policies. The expansion will allow Animoca Brands to leverage the MENA region’s rapid growth.
Tapping into the MENA Market
According to studies, the NFT industry in MENA grew by 48.3% to a valuation of $3.4 billion. The industry is projected to reach a valuation of $18.1 billion by 2028. Animoca Brands is looking to tap into the MENA region’s market with this partnership.
Animoca Brands and Manga Productions will collaborate closely on co-creating pilot projects across the firm’s extensive ecosystem. Additionally, the Web3 leader will leverage Manga Productions’ content portfolio in the MENA region.
Moreover, Animoca Brands will expend its resources to provide educational and vocational opportunities to local talent in relevant fields. They have begun preliminary discussions with Saudi Arabian universities to develop blockchain courses.
Yat Siu, co-founder and executive chairman of Animoca Brands, commented:
“We are incredibly excited to join forces with Manga Productions on this partnership to leverage our respective complementary strengths. This partnership is one of our first significant steps in expanding into the Middle East, one of the fastest-growing Web3 ecosystems and a region rich in cultural heritage that can be adapted to various forms of virtual content. We look forward to bringing the various initiatives with Manga Productions into life, and we expect to see more activities in the region through investment and strategic collaboration.”
Dr. Essam Bukhary, CEO of Manga Productions, also shared his delight at the partnership. The CEO looks to develop the creative industry through Web3 technology and expand their portfolio.
Animoca Brands will also explore the feasibility of establishing a dedicated game publishing platform in the region with local partners. They want to bring high-quality titles to the MENA region and support the global distribution of content produced by Manga Productions and other regional productions.
On the Flipside
Why You Should Care
The MENA region has become a hub for Web3 technology and adoption. Animoca Brands’ partnership marks a significant milestone for both the region and venture capitalists.
Read about Animoca Brands’ NFT Licenses:
Animoca Brands Launches NFT Licenses, Empowers Creators with Royalties
Read about Animoca Brands’ last strategic investment:
Animoca Brands Japan and Passion Labs Collaborate to Propel Japanese Companies to Web3
Source link: https://dailycoin.com/animoca-brands-to-grow-web3-industry-in-mena-region/
