{"id":183752,"date":"2023-10-30T19:48:27","date_gmt":"2023-10-30T14:18:27","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=183752"},"modified":"2023-10-30T19:48:27","modified_gmt":"2023-10-30T14:18:27","slug":"animoca-brands-partners-with-neom-in-saudi-arabias-500-billion-project-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/animoca-brands-partners-with-neom-in-saudi-arabias-500-billion-project-crypto-news\/","title":{"rendered":"Animoca Brands Partners with NEOM in Saudi Arabia&#8217;s $500 Billion Project &#8211; Crypto News"},"content":{"rendered":"<div>\n<p>Leading\u00a0Web3 gaming company Animoca Brands\u00a0and\u00a0NEOM Investment Fund,\u00a0Saudi Arabia\u2019s $500 billion futuristic city project,\u00a0have announced a partnership\u00a0to promote the region as a\u00a0Web 3 hub. In a press release, the two companies revealed that the partnership details are outlined in a Memorandum of Understanding. Furthermore, the two entities have revealed that they have signed a Convertible Notes Financing Term Sheet.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-neom-the-ambitions-futuristic-city-and-how-animoca-brands-fits-in-it\">NEOM: The ambitions futuristic city and how Animoca Brands fits in it<\/h2>\n<p>NEOM Investment Fund is the entity overseeing the building of a futuristic city project by the Kingdom of Saudi Arabia, estimated to cost $500 billion and to be completed by 2030. NEOM considers Web3 technology central to the project\u2019s success, hence the decision to oversee the setting up of Web3 infrastructure in the city.\u00a0<\/p>\n<p>In addition, NEOM considers Web3 not\u00a0only a crucial part of its own tech stack and design, but also as\u00a0potential\u00a0game-changer for the future of global commerce. In accordance with the terms of the Term Sheet, NEOM Investment Fund intends to invest US$50 million in Animoca Brands. Out of that amount, NEOM will issue\u00a0$25 million worth\u00a0of convertible notes with a conversion cap price of A$4.50 per share.<\/p>\n<p>The new partnership establishes the foundation for a collaboration between\u00a0Animoca and NEOM to\u00a0develop Web3\u00a0service capabilities, in the new city. Although the project ultimately aims to have a global reach, it will initially focus on supporting the development of innovative Web3 tech in the nation\u2019s capital, Riyadh,\u00a0and the NEOM region.<\/p>\n<p>NEOM will be built\u00a0in\u00a0the\u00a0north-west of Saudi Arabia and\u00a0will span 263,000 hectares. The city will feature a\u00a0floating industrial complex, business hubs, tourist attractions, and sporting arenas wamong other attractions.<\/p>\n<p>The collaboration ultimately aims to\u00a0improve people\u2019s everyday lives in the country by harnessing the innovativeness within Web3 technology stack. NEOM is confident that Animoca Brands, as one of the world\u2019s leading Web3 companies, is well equipped to achieve the goals of the ambitious project within the set time frame.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Leading\u00a0Web3 gaming company Animoca Brands\u00a0and\u00a0NEOM Investment Fund,\u00a0Saudi Arabia\u2019s $500 billion futuristic city project,\u00a0have announced a partnership\u00a0to promote the region as a\u00a0Web 3 hub. In a press release, the two companies revealed that the partnership details are outlined in a Memorandum of Understanding. Furthermore, the two entities have revealed that they have signed a Convertible Notes [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":183753,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-183752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=183752"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183752\/revisions"}],"predecessor-version":[{"id":183754,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183752\/revisions\/183754"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/183753"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=183752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=183752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=183752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}