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Skills Blog Posts
Saudi Arabia is Ready to Embrace Web3 and Gaming
Saudi Arabia launched Vision 2030, an initiative to diversify its economy. This initiative is leading the nation to embrace cutting-edge technologies such as blockchain and artificial intelligence (AI). Simultaneously, Saudi Arabia is making significant steps in the gaming industry. This article explores Saudi how Saudi Arabia is embracing its interest in gaming and web3 development services.
Saudi Arabia's Tech Leap
Saudi Arabia has taken remarkable steps in adopting and investing in emerging technologies like blockchain and web3 to build inventive gaming and other solutions. The kingdom's commitment to blockchain and AI reflects its determination to reduce dependence on oil revenue. These technologies will drive innovation across various sectors, from finance to healthcare.
Also, Visit | Exploring the Power of AI and Blockchain for Autonomous Vehicles
The Gaming Renaissance
The kingdom's youthful and tech-savvy population is driving the growth of its gaming industry. Saudi Arabia, along with the United Arab Emirates, is a dominant force in the Middle East's gaming market.
According to a Boston Consulting Group report, Saudi Arabia has a market share of 45% and a value exceeding $1.8 billion. Thus, the country is positioning itself as a global gaming hub.
According to insights from game content studio Allcorrect, Saudi Arabia is one of the most substantial game revenue figures in the region.
In a strategic move back in 2017, the kingdom laid the foundation for the future by establishing the Saudi Esports Federation. It has the pivotal role of regulating and nurturing the flourishing gaming industry within the nation.
Check It Out |How Web3 and Blockchain are Transforming Gaming
Investing in Future
Saudi Arabia's investments in the gaming sector are substantial. Specifically, through its Public Investment Fund, the kingdom aspires to secure a significant foothold in the global gaming market. It has committed $38 billion to foster the growth of this industry.
These investments aim to catalyze innovation, create jobs, and propel Saudi Arabia into the forefront of the global gaming industry.
The Enigma of Web3
Yat Siu, the co-founder of Animoca Brands, has highlighted Saudi Arabia's robust interest in Web3. It is evident through strategic partnerships with entities like The Sandbox and Animoca. Saudi Arabia is actively charting a course toward the future of gaming, leveraging blockchain's unique ability to authenticate ownership of digital assets.
Nonetheless, it's worth noting that the Saudi government is carefully exploring the integration of cryptocurrency and virtual assets. It is recognizing the importance of this step as it relates to the potential of Web3 and its alignment with esports.
In this pursuit, Saudi Arabia is not only looking inward but also outward. It is engaging in discussions and learning from other markets to remain at the forefront of technological innovation.
The kingdom's ultimate goal is to position itself as a global epicenter for the gaming industry. It underlines its unwavering commitment to innovation and the adoption of emerging technologies in Saudi Arabia's broader economic diversification strategy.
Suggested Read | Revolutionizing Healthcare with Web3
Web3 Transition
The transition to Web3, whether in gaming or other domains, hinges on enhancing users' financial literacy. Educating users about the value and potential of their digital assets is crucial. Web3 users are increasingly becoming capital investors, and understanding this shift is vital for achieving mass adoption.
While Web3 adoption in gaming faces resistance, some pioneers are already introducing the concept. New gaming models, the creator economy, digital supply chains, and player-driven narratives are emerging, offering enhanced user experiences. Experts project that Web3 gaming could onboard millions of players in the coming years.
You May Also Like | Most Disruptive Web3 Use Cases and Applications
Conclusion
As Saudi Arabia continues its journey of economic diversification, its foray into Web3 remains a fascinating development. The country's technology adoption and gaming investments fuel this diversification. With its commitment to staying at the forefront of innovation, Saudi Arabia has the potential to reshape the digital landscape globally.
Are you looking for a Web3 development company for your Web3 project? Then look no further. Get in touch with our Web3 experts today.
Dimple Dasila
23 Sep 2023
AI in Crypto: Potential Use Cases
Blockchain technology and artificial intelligence (AI) are among the most widely used technologies currently. Cryptocurrency is a crucial part of blockchain technology. By combining AI and crypto, businesses can create better prospects, increase transparency, and improve data security. Enterprises usingblockchain application development can increasingly benefit from this integration. This article gives you more information about their potential benefits.
AI and Crypto Integration
Artificial intelligence can prove to be a powerful tool for the crypto world. It can bring automation to the sector.
In the crypto trading market, AI can bring several benefits, including improved decision-making and increased efficiency. Crypto traders can use it to evaluate market data for better risk assessment.
AI can also assist in making cryptocurrency platforms safe and secure from hacking or other security problems.
The technology can also assist in creating smart contracts for crypto-related platform development. Developers can use AI to write code defining rules, operations, and logic of smart contracts. They can efficiently deploy the code and ensure the function of crypto dApps using AI.
Check It Out |A Guide to Understanding Eco-Friendly Crypto Development
Potential Use Cases of AI in Crypto
From using AI in data processing to developing hedge funds, here are the potential use cases of AI in crypto:
Data Processing and Trading
Businesses can use AI to automate tasks like data processing, data quality checks, data security, and trading in a crypto market. AI reduces the risk of data breaches and errors. Further, the technology ensures consistent, accurate, and secure data.
AI can analyze a vast amount of data quickly, and crypto traders can use this capability. Enterprises can make AI-enabled platforms that process market data, news, and trends. And crypto traders can make use of this real-time data analysis to make informed decisions and recognize profitable trades.
Also, Visit | Exploring Crypto Arbitrage Trading Bot and Development
Governance Tokens
Another use case of AI is its use in governance tokens. Businesses can create a platform offering governance tokens. Token holders may involve in the governance of the platform.
Developers can build such tokens that use AI to enhance user experience, security, and scalability of the network.
Data Monetization
Businesses can develop a blockchain platform where users can monetize their AI services. They can build and sell their services using cryptocurrencies. Additionally, they can use multi-agent systems (MAS) for multi-stakeholder settings in this marketplace.
Hedge Fund
Enterprises can use AI along with machine learning to develop a hedge fund. AI can use this fund to invest in the stock market internationally. This platform can have a native currency to enable payments in the network.
Suggested Post | P2P Crypto Exchange Development | The Future of Digital Trading
Indexing and Querying Data
Businesses can use AI to index and query data from blockchains. They can build a platform that manages the index and gives efficient querying of the network data.
AI can help in organizing data into smaller subgraphs. This process is similar to the work of Google, which indexes and queries data from different websites.
Cloud Computing Resources
One can create an AI blockchain platform that enables users to monetize their computing power. Individuals can access on-demand cloud computing resources. Such a platform can launch its cryptocurrency to pay for various services.
Also, Read |ChatGPT and Crypto: Fuelling a New Era of Endless Possibilities
Summing Up
AI has immense capabilities to transform the crypto world. It offers numerous benefits, including speed, decision-making, security, and more. A better understanding of AI in crypto trading will help crypto firms to leverage its advantages. The above-mentioned potential use cases will help the cryptocurrency industry to evolve and thrive in the AI era.
It may be possible that AI may advance in the coming future, which can dramatically change the crypto world. Businesses globally are taking an interest in the possibilities of AI and crypto integration. The future of this merger seems promising.
If you also want to step into AI-based crypto development, then Oodles can assist you. Contact our crypto experts to start discussing your project.
Image Credits | Image by starline on Freepik
Technology:
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Blockchain
Dimple Dasila
03 May 2023
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