The Otter Edge Innovation Forum on Web 3 Technologies kicked off at The Garage, organized by Animoca Brands and Edge of Company, with the aim of exploring the impact of Web 3 technologies and artificial intelligence on society and economies. The event was attended by several experts and specialists from around the world, including Dr. Muneer bin Mahmood Al Dasouki, the esteemed President of King Abdulaziz City for Science and Technology “KACST”.
The forum is being held in Riyadh, the capital, in line with the massive technological leap that the Kingdom is currently experiencing, as it aims to embrace innovative industries related to Web 3 technologies, being the latest version of the World Wide Web.
During his opening speech at the event, Prince Faisal bin Bandar bin Sultan, the President of the Saudi Electronic Sports Federation, emphasized that the Kingdom aspires to be a pivotal point in this industry. He stressed that the gaming industry has globally witnessed significant changes in the past few years.
His Highness stated: “We believe that games are not just a source of fun, but also an effective platform for enhancing social cohesion, creativity, and empowerment through strategic projects and investments, such as organizing the Electronic Sports World Cup, which will be held in Riyadh next summer, a prominent occasion for all players from various parts of the globe.”
On the other hand, Dr. Maryam Nuh, the Vice President of King Abdulaziz City for Science and Technology responsible for the future economic technologies sector, emphasized that the city, as a leading national laboratory in promoting technological advancement and innovation, has established an institute specializing in video games and simulated reality technology. She highlighted numerous strategic partnerships at the local and global levels to fully benefit from these technologies that have a significant impact on the national economy.
Nayef Al-Rabiah, the Director of the Web 3 and Spatial Reality Portfolio in Neom, discussed the new generation of smart cities, emphasizing Neom’s role in embracing modern technologies like artificial intelligence, saying: “We aim to establish a Web 3 ecosystem based on a strong foundation of advanced infrastructure, innovative applications, and supportive regulatory framework, empowering innovators worldwide to design cognitive solutions that bring about radical changes in our way of life.”
Yat Siu, the CEO of Animoca Brands, provided an explanation of the third generation of the web, discussing associated technologies such as blockchain, cryptocurrencies, digital games, decentralized applications, and smart contracts. He affirmed that the goal of Web 3 is to create a more transparent and secure internet network, focusing specifically on the user, granting them greater control over their personal data and digital interactions.
Mohamed Hadrawi, the General Manager of the Institute of Gaming and Emerging Technologies at King Abdulaziz City for Science and Technology, known as “KACST,” stated that the Kingdom has the necessary capabilities to emerge as a leader in the field of gaming and electronic sports activities, supported by a team of young professionals in technology. He also anticipated expanding investments in the digital sector, developing infrastructure, and positioning the Kingdom as a leader in integrating blockchain and artificial intelligence technologies within the gaming industry and electronic sports events.
Following that, the special sessions of the forum, held for the first time in Saudi Arabia and outside the United States, were inaugurated. The discussions, led by experts, innovators, and visionaries from the Middle East and North Africa region, covered future developments in web 3 technologies and the applications of artificial intelligence in the business world and smart cities. Additionally, the sessions explored investment opportunities in blockchain technology games and the impact of artificial intelligence on esports. They also reviewed the available opportunities in the digital economy in the Kingdom and the anticipated transformations in financial services, as well as the future of brands and trends in sports, arts, and entertainment sectors.
