The Saudi Arabian government will create a Metaverse platform where people can showcase their cultural heritage, including history, arts and crafts. The Saudi Press Agency reported the launch of the Metaverse initiative, which is backed by generative media intelligence and artificial intelligence.
Users in Arabia’s new Metaverse will be able to explore their country’s cultural heritage through digital means and participate in simulated activities. Saudi Arab ian authorities want to create faster and more relatable virtual worlds, working with droppGroup and droppPhygical, using HyperLedger Fabric 2.5 blockchain technology.
Users can see the country’s sights through digital models, making them different from traditional travel markets. Web3 ‘s models allow users around the world to participate in cultural heritage, reaping the benefits of continued digital deployment around the world.
According to authorities, the Metaverse initiative will include cultural performances, music, dance and handicraft events. It’s worth noting that a history walk, user engagement games and other activities are significant highlights of this version.
Saudi Arabia has decided to explore digital alternatives in order to diversify financial sources and accelerate Web3 development. It is widely known that Saudi Arabia last year invested $50 million in Metaverse Animoca to establish a blockchain center in the country.
Animoca is working with the country’s NEOM project to develop digital projects. Both the convertible bonds and an additional $25 million were used to purchase shares in Metaverse.
NEOM Investment Fund CEO Majid Mufti praised the co-op as demonstrating the right Web3 architecture.
“We are excited to partner with Animoca Brands to support the development of Neom’s digital infrastructure. The development of Web3 technology and infrastructure will not only be an important foundation for Neom‘s technology stack and architecture, but also has the potential to revolutionize the global industry.”
Significant investments in Web3 have been made in the Middle East since the beginning of 2023, and major jurisdictions are vying to become the Web3 hub for digital investment in the region.
Dubai has watched as a plan to grant companies 90 percent of Web3 licenses began to emerge in the local market following the introduction of a plan to grant companies 90 percent of Web3 licenses . In addition, the region has awarded a Web3 license to AYA, a crypto-friendly company that supports conservation and wildlife credits.