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Adaverse proudly announces the release of its inaugural “State of Web3 in Saudi Arabia,” a landmark publication aimed at positioning Saudi Arabia as a prime destination for Web3 entrepreneurs, investors, and talent from around the globe. This comprehensive report provides a detailed analysis of the Kingdom’s rapidly evolving Web3 ecosystem, underscoring its readiness for international players to enter, invest, and launch their ventures in Saudi Arabia.
<h2 class="wp-block-heading" id="h-adaverse-report-highlights-include">Adaverse Report Highlights Include:</h2>
Web3 Potential: Saudi Arabia is identified as a prime market for Web3 due to its young, highly digitized population (63% under 30, 99% internet-connected), supportive government with Web3-friendly legislation, and abundant funding opportunities. In Q1 2024, MENA startups secured $429M across 163 deals, with Saudi startups receiving 51% of the funding. This significant investment highlights the lucrative opportunities available for entrepreneurs and investors in the region.
Key Sectors: Several sectors in Saudi Arabia offer immense potential for Web3 disruption:
<ul>
 <li>Gaming: The market size is currently valued at $1.8 billion and is projected to reach $6 billion by 2027.</li>
 <li>Fintech: The fintech sector, with a market size of $746 million, is burgeoning with new verticals in payment solutions, lending platforms, and business tools.</li>
 <li>E-commerce: In 2023, e-commerce generated $10 billion, with 34.5 million Saudis shopping online. The sector is projected to grow at a CAGR of 13.5% until 2027, creating massive opportunities for entrepreneurs and investors.</li>
 <li>Proptech: Valued at $763 million, proptech is pivotal in achieving Vision 2030’s economic goals.</li>
</ul>
Startups: The Saudi Web3 startup ecosystem shows a notable concentration in user-facing applications, indicating a growing interest in DeFi, GameFi, and SocialFi. However, there is a scarcity of foundational infrastructure and protocol startups, presenting significant opportunities for entrepreneurs and investors.
Investors: The Web3 ecosystem in Saudi Arabia is experiencing remarkable growth, driven by a synergy of local and international investors. This blend is creating a fertile ground for startups, merging local market knowledge with opportunities for international expansion, which aligns with the goals of Vision 2030 to foster economic diversification and innovation.
Need for Talent: A major insight from interviews with startups and investors highlights the strong demand for Web3 talent and the existing shortage in this field. This gap presents a significant opportunity for more educational initiatives to train local talent, as well as for global talent to relocate to Saudi Arabia and secure employment.
Look to the Future: Despite the promising outlook, challenges such as regulatory uncertainty, the need for greater awareness and education around Web3 technologies, and concerns about technological infrastructure and cybersecurity remain. However, these challenges also present opportunities for entrepreneurs and investors to shape the future of Saudi Arabia’s Web3 ecosystem.
Vincent Li, Founding Partner of Adaverse said: “Since 2021, we have been actively building in the Web3 space across Asia and Africa. In 2023, we were excited to expand our efforts to the Middle East, with Saudi Arabia being an obvious choice due to its young, tech-savvy population and supportive, forward-looking government. Numerous industries in Saudi Arabia are poised to adopt Web3 technology as part of the nationwide effort to digitize. We believe that Web3 technology can generate new sub-sectors, empowering users and creating new forms of interaction and value and accelerating Vision 2030.”​
The post <a href="https://www.unlock-bc.com/126622/adaverse-identifies-saudi-arabia-as-the-premier-destination-for-web3-entrepreneurs-and-investors-in-new-ksa-focused-web3-report/" rel="noopener noreferrer nofollow">Adaverse Identifies Saudi Arabia as the Premier Destination for Web3 Entrepreneurs and Investors in New KSA-focused Web3 Report</a> appeared first on <a href="https://www.unlock-bc.com" rel="noopener noreferrer nofollow">UNLOCK Blockchain</a>.

Adaverse Identifies Saudi Arabia as the Premier Destination for Web3 Entrepreneurs and Investors in New KSA-focused Web3 Report

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