Buoyed by its abundant natural resources, Saudi Arabia is charting a new narrative for its future. The kingdom is sailing the digital seas, where Web3 and blockchain gaming are emerging as the beacons guiding its course.
Saudi Arabia, from the Oil economy to its future built by Blockchain!
In an ever-changing technological world, Saudi Arabia is moving resolutely towards economic diversification. Traditionally focused on its abundant oil reserves, it is now looking to new horizons.
The proof is its ambitious plan for 2030, which highlights blockchain and artificial intelligence as pillars of this economic renaissance. Integrating these innovative technologies, Saudi Arabia is banking on flourishing markets such as video gaming.
The kingdom’s overriding ambition is to diversify its economy, freeing it from its dependence on oil.
This commitment is reinforced by strategic partnerships with key players such as The Sandbox and Animoca. Instead of following current trends, the kingdom aspires to become their architect, exploring the disruptive potential of Web3 in the gaming sector.
Saudi Arabia’s inquisitive and technologically savvy youth are fuelling this dynamic, propelling the country to the heart of the Middle East gaming market.
A report by the Boston Consulting Group quoted by Cointelegraph reveals that the kingdom accounts for 45% of this regional market, a dominance estimated at over 1.8 billion.
However, the kingdom’s journey into the Blockchain sector is not without its challenges. One major concern is the uncertain regulatory framework surrounding cryptocurrency.
While regions such as Singapore and the United Arab Emirates have made significant strides in regulatory clarity, Saudi Arabia is still finding its way in this complex ecosystem.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
