NEOM new investment arm NIF invests in Animoca Brands the creators of the Sandbox metaverse

NEOM new investment arm NIF invests in Animoca Brands the creators of the Sandbox metaverse

NEOM has inaugurated its strategic investment arm, the NEOM Investment Fund (NIF), NEOM’s wholly owned subsidiary which is set up to support the buildout and development of NEOM’s 14 priority sectors of which technology and digital are an integral part.

NIF will invest globally through Mergers & Acquisitions and venture capital in technology startups, with a clear focus on pioneering growth companies and next-generation industries.  NIF will also develop Joint Ventures and partnerships with large multinationals, institutional investors and innovators within NEOM.

As part of its inauguration, NIF is announcing new investments in companies including Pony.ai, Regent, Boom Technology, BlueNalu and Animoca Brands, details of which will be shared in the coming days. These investments, which add to those NIF has led to date, illustrate its role working alongside NEOM sectors to support their strategies for growth, enabling new technologies, establishing businesses, and creating a thriving economy in NEOM.

Nadhmi Al-Nasr, CEO of NEOM said: “The vision of NEOM is to address global challenges that redefine livability, conservation and business. As NEOM’s strategic investment subsidiary, NIF will play a critical role in converting NEOM’s vision to reality. NIF will enable NEOM to sustain its contribution to realizing the ambitions of the Kingdom over the long term, cementing its position as a key driver of economic diversification and job creation.”

Majid Mufti, CEO of NEOM Investment Fund, said,“The NIF strategy is designed to align NEOM’s development objectives with those of innovators and institutional investors, de-risking opportunities for them to participate in creating core global growth businesses and a thriving economy in NEOM. To date, NIF has invested in several technology companies within the 14 priority sectors of NEOM that will accelerate technologies critical to the NEOM project and have a major impact on the future of living and sustainability. Replicated over time, this approach will position NEOM as a model for sustainable economic development.”

As a catalyst for change, NIF actively seeks deep partnerships with likeminded investors and bold entrepreneurs working on the world’s most complex problems, in line with NEOM’s vision. It aspires to create regional and global champion companies across NEOM’s 14 economic sectors by investing in commercially viable projects and ‘moonshot’ ideas enabled by cutting edge technologies. To accelerate the change, NIF will focus on developing investment opportunities for the private sector to participate in and will directly invest to unlock solutions that would be piloted and scaled-up in NEOM, and eventually exported to the world.

As part of its mandate, NIF will also be assuming the role of portfolio manager for NEOM’s sector assets and companies. This role will safeguard returns for the shareholder and investors through portfolio synergies and will underpin NEOM’s long-term financial sustainability.

UAE based Enjinstarter is supporting the Next Sustainable and climate friendly Metaverse Experience

UAE based Enjinstarter is supporting the Next Sustainable and climate friendly Metaverse Experience

The engine that will ignite a sustainable future starts with Web3, its associated technologies, and UAE based Enjinstarter. Enjinstarter, launched in 2021 is a Launchpad, incubator, crowd funding, and advisory platform for Web3 metaverse, gaming, entertainment and impact and sustainable projects.

At the beginning of 2023, Enjinstarter appointed Vasseh Ahmed as the new Managing Director to lead the Web3 efforts in the MENA region. Vasseh spoke with LaraontheBlock to discuss Enjinstarter’s plans to help companies reach their Web3 ambitions while positioning Enjinstarter as the go to provider for impact and sustainability projects.

Ahmed, speaking with Lara on the Block, stated, “Before I joined Enjinstarter I was working in the UAE for four years on a digital bank project. I had been in the blockchain and crypto space for over 6 years, so when I met Prakash Somosundram, [Enjinstarter’s] CEO and Co-Founder, and we discussed the launch of an impact and sustainability track, I was all in.”

Enjinstarter in MENA

According to Ahmed, “We have supported 70 projects since inception, helping them raise a total of $10 million. Since the middle of 2022 we have focused on investing in founders who can demonstrate clear utility in their projects. This has worked really well so far, and we continue to onboard more projects each month.”

As for the MENA region, Ahmed believes that UAE has its allure not just because of the investments and capital being deployed in Web3, but also because of its very good regulatory environment and its strategy to build an innovative infrastructure. He explains, “The UAE has become a hotbed for Web3 projects. We are seeing an increasing number of start-ups and companies moving to the region. Enjinstarter is one of them, and we are the first Launchpad globally to apply for the appropriate license in Dubai. We have already received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) and are now in the process of obtaining a full license to operate.”

He explains, “We appreciate VARA’s progressive approach to regulation. It has been instrumental in helping us at every step of the licensing process. We have a few more steps to complete in order to obtain the full license, then we can begin operations. Singapore has not shown the same commitment to virtual asset regulation, whichis one of the reasons we chose to expand to MENA and run Enjinstarter in a regulated manner.”

Enjinstarter and a Sustainable Future

The climate emergency is becoming a pressing issue. Temperatures are expected to rise 1.5 degrees Celsius by 2050 which will raise sea levels and lead to huge climate changes and extinctions of many animals, and plants.

Yet to date nothing has seemed to incentivize people to do something about it even with the creation of carbon credits. The challenge with carbon credits is that they are only available to corporations and governments. Individuals don’t have much access other than through carbon offset schemes.

For this reason, Enjinstarter is looking to add more projects that focus on impact and sustainability replicating the success of their existing launchpad while complementing it with UAE’s outlook towards building a sustainable future.

Ahmed states, “Web3 has a major role to play in addressing the climate crisis. Carbon credits, in particular, can benefit from Web3’s underlying technology to increase transparency and accessibility. We want to support projects that are looking for ways to shift incentives away from exploitation and toward preservation and regeneration.”

He adds, “Corporate demand for emission reduction strategies is clear. Microsoft, for example, has taken the lead in offsetting its carbon footprint by buying carbon credits. The UAE government has also signalled its desire to be the first carbon-neutral country in MENA. What we need are more initiatives looking to fulfill this demand. Our climate launchpad is designed to scale these initiatives and, ultimately, climate impact.”

Enjinstarter is already working with large scale projects that will be announced in due time, but also wants to focus on grassroots projects. Ahmed explains, “Major projects aren’t the only way to effectively combat climate change. If there is a project making demonstrable climate impact, we want to incubate, accelerate, and match them with interested investors.” 

Ahmed also believes AI (Artificial Intelligence) will be part of Web3 climate solutions. He explains, “As a scuba diver I have seen firsthand how ocean species are either extinct or very close to extinction. Putting these species in the metaverse and allowing users to interact with them can help us build awareness around the importance of preserving them. We can work directly with marine conservations to build the kind of metaverse experiences that maximize engagement with people. Today’s youth, for example, already spend a lot of time gaming. Why not give them the opportunity to play for a good cause?”

Web3 is changing Business models

Enjinstarter has been working with corporations to help them transition seamlessly from their Web2 past  to a Web3 future. Web3 is changing business models and inevitable outcome of digitization and the metaverse sits at the center of it all.

The company is a strong partner with Web3 giant Animoca Brands, the holding company of The Sandbox metaverse. Enjinstarter and Animoca not only have in common their belief in the metaverse but they also have common investors. True Global Ventures 4 Plus has invested both entities. Enjinstarter raised US$5 million in their Series-A round from True Global Ventures 4 Plus.

According to Ahmed, ”True Global Ventures is a very hands-on VC and we love having them as our only VC investor so far. They were instrumental in developing our UAE expansion strategy.”

Both Enjinstarter and Animoca Brands believe that the future of the metaverse hinges on interoperability. The two partnered together for OMA3™, a collaboration of Web3 metaverse platform creators whose goal is to ensure virtual land, digital assets, ideas, and services are highly interoperable between platforms and transparent to all communities. OMA3™ is open to all Web3 metaverse builders.

With this in mind Enjinstarter has developed its Web3 Innovation consulting practice that works with brands, large corporations, and Web2 companies to help them develop Web3 strategies.

Ahmed explains, “In the UAE and GCC there is a lot of excitement towards and experimentation with Web3.. Part of our mission is to help clients jump into Web3 and the metaverse. We’ve developed a playbook for success comprising 30 core skills and actvities. The most important is to take a community-first approach, meaning that you build your community first, then your product. ”

Utilizing a holistic multi-disciplinary approach and a portfolio of partners, Enjinstarter has been able to help replicate its successes with previous projects and build loyalty based metaverse experiences, NFTs, and more.

This is just the beginning; Ahmed believes that there is a lot happening in the region on a government and corporate level and that the future will see AI and Web3 come together as the masses adopt Web3 and metaverse experiences.

Saudi Nuqtah NFT marketplace raises millions of dollars from Blockchain Polygon and Animoca brands

Saudi Nuqtah NFT marketplace raises millions of dollars from Blockchain Polygon and Animoca brands

Saudi’s first NFT marketplace platform, Nuqtah has raised a seed round of millions of dollars from Blockchain platform Polygon and Animoca Brands. As per the release the new funding will scale Nuqtah’s business over the next 12 months.

In 2022, Nuqtah had announced it was planning to raise $5 million in upcoming seed rounds.

Licensed by the Saudi Ministry of Communication and Information technology and the Ministry of Investment, Nuqtah aims to to empower its creators, businesses, and users to unlock the new opportunities that the Web3 space offers to the region. Nuqtah allows individuals and businesses to easily build, deploy and monetize NFT collections without having to navigate complicated blockchain infrastructure.

Yat Siu, the executive chairman and co-founder of Animoca Brands, commented: “Our investment into Nuqtah is another meaningful step in our commitment to build up the Web3 industry in MENA as well as develop our own capabilities in the region. Nuqtah is an important pioneer and we anticipate that it will greatly help to boost Web3 and NFT adoption in the Middle East. We will continue to expand our operational presence and collaborate with local strategic partners looking to adopt Web3.”

In February of this year Nuqtah signed an MOU with Saudi telecom group to tokenize photographs fro STC’s Sarha project. 

Nuqtah is helmed by Salwa Radwi, an award-winning photographer, artist, and Web3 and blockchain advocate. In 2021 she founded Nuqtah to serve as the first-of-its-kind blockchain technology provider and developer in the MENA region, making her one of the first female founders and CEOs in Saudi Arabia’s NFT landscape. Salwa is joined by co-founders who previously worked at major companies including Careem and Oracle, and whose extensive industry experience has enabled Nuqtah to become a prominent and respected advocate of Web3 in the Kingdom.

Salwa Radwi, founder and CEO of Nuqtah, noted in the release, “Watching Animoca Brands pioneer and enable the Web3 scene since day one has been so inspirational, and so we take great pride in the trust placed in Nuqtah through this investment. We look forward to working together to unlock the massive potential and opportunities in the Middle East.”

Speaking to LaraontheBlock, Salwa Radwi confirmed that the latest seed investment raises millions of dollars. She states, “ This new round of investment will open new lines of opportunities, not only financially but also through animoca and polygons extravagant network.”

Nuqtah had raised close to a million dollars in its pre-seed round from Shorooq Partners, according to Radwi.  At that time Nuqtah planned to build on the thriving NFTs space, and utilize the underlying blockchain technology to spearhead innovation in other verticals such as media and entertainment.

Animoca Brands, the creator of sandbox metaverse and other Web3 projects has been very interested in the MENA region. It announced it would be entering Dubai through its metaverse Dubaiverse, and it also signed an MOU with Saudi government at beginning of 2023. 

Animoca Brands The Sandbox to bring its metaverse to Dubai UAE

Animoca Brands The Sandbox to bring its metaverse to Dubai UAE

Animoca’s brand, the Sandbox announced during the 62 edition of the True Global Ventures Conference that it will be bringing its metaverse strategy to Dubai, with the ‘Dubaiverse’. It will work with local partners including Khaleej Times media outlet. 

Animoca Brand’s Dubai-themed metaverse will follow the blueprint of its subsidiary Sandbox’s Hong Kong “Mega City,’ a gaming metaverse and virtual cultural hub based on the Asian financial hub of Hong Kong.

As per the news on Forkast, the  Dubaiverse will be built through local partnerships, In doing so, the Hong Kong-based blockchain game specialist will partner with firms in the film, music, entertainment, acting, finance, real estate, and gaming industries.

Sebastien Borget, cofounder and chief operating officer (COO) of Sandbox Paris, added, “Other planned location-based metaverses are in the works for Singapore, Korea, and Turkey.”

Dubai’s virtual asset regulator was the first regulator in the world to purchase a piece of land in Sandbox. Borget noted, “It’s been a key moment, and from there, we’ve been able to attract other major local partners and brands.”

Mehtap Onder, Managing Director for Dubai at GCEX, a digital brokerage firm, said they will also enter Animoca’s metaverse, offering virtual asset education in a way that couldn’t be accomplished before. 

The Dubaiverse will also have a local news partner, in Khaleej Times following a similar partnership between Hong Kong’s Sandbox and local newspaper the South China Morning Post.

“As publishers, business models are being challenged all over the world, and new business models come into this space, it’s a really important strategic move for us,” said Sohail Nawaz, Chief Digital Officer of Khaleej Times. 

True Global Ventures with a presence in the UAE announced its total investments in Animoca Brands have reached US$38 million.