Web3 & Metaverse

Reports in the Web3 & Metaverse category.

4 documents

Saudi Arabia captured 51% of all MENA Web3 venture capital funding in Q1 2024, totaling $429 million across 163 deals.
The government has committed $37.7 billion to esports and $13.3 billion to gaming, supported by major investment vehicles like Wa’ed’s $500 million fund and 500 Global’s $2.4 billion under management.
While the market is currently concentrated in consumer-facing sectors like DeFi, GameFi, and SocialFi, there is a significant supply gap for foundational infrastructure development.

AdaverseJul 2024

Saudi Arabia captured over 50 percent of all regional venture capital funding in the MENA region during early 2024.
Vision 2030 and a young, digitally native population are the primary drivers establishing the Kingdom as a premier regional hub for Web3 innovation.
The Saudi Web3 sector is currently focused on applying blockchain technology to fintech, environmental sustainability, and secure ticketing, alongside significant investments in gaming and esports.

AdaverseJan 2024

The blockchain gaming industry is shifting from speculative models to 'fun-first' development, with 71% of professionals identifying player asset ownership as the primary value proposition.
Mainstream adoption is being driven by the entry of traditional giants like Sony and Ubisoft, though 66.3% of practitioners still cite public perceptions of scams as a significant barrier.
Operational barriers like onboarding complexity and poor user experience remain the top hurdles to mainstream growth, despite a notable decrease in the severity of these concerns since 2023.

Blockchain Game AllianceJan 2024

The Web3 gaming sector is maturing, evidenced by a 36% decrease in new game announcements alongside an 84% reduction in project discontinuations.
Indie developers now account for over 90% of new launches, though technical integration remains a challenge with only 34% of titles successfully implementing blockchain infrastructure.
Telegram has emerged as a major distribution channel, capturing 21% of new game launches, while the Epic Games Store has expanded its Web3 portfolio to nearly 100 titles.

Game7 ResearchJan 2024