Key Takeaways from Adaverse’s Presence at Saudi Arabia’s Web3 Event #ETHRiyadh2023
Adaverse was pleased to sponsor #EthRiyadh2023, Saudi Arabia’s first dedicated Web3 event. It was a great gathering of enthusiasts, developers and founders from both Saudi Arabia and the wider region: a fantastic sign of the country’s blockchain potential.
Featuring a line-up of distinguished industry leaders and innovators, the event was the ideal platform for Adaverse’s Founding Partner Vincent Li and Investment Manager William Phelps to engage in productive dialogues and explore promising partnerships.
Aligning With Saudi Vision 2030 Through Web3
Saudi Arabia’s Vision 2030 resonates well with Adaverse’s global mission to accelerate Web3 startups. The Kingdom aims to diversify its economy and upgrade its public sectors, themes that were strongly echoed in panel discussions and breakout sessions.
Market Insights
Untapped Potential & Growth Anticipation
Saudi Arabia stands as an untapped frontier for Web3, offering a fertile ground for startups aiming to disrupt traditional sectors. The Kingdom’s nascent Web3 market presents massive potential for growth, giving early adopters and pioneers the unique opportunity to quickly gain traction, set industry standards, shape regulatory frameworks, and establish robust ecosystems for future endeavors.
Web3 Economic Impact
As Saudi Arabia looks to diversify its economy into non-oil sectors in line with its Vision 2030, below are some of the rapidly growing sectors in the Kingdom that stand to benefit substantially from the application of Web3 technologies:
Real Estate
Web3 can revolutionize the real estate sector by enabling decentralized property transactions and fractional ownership via Non-Fungible Tokens (NFTs). Property titles could be tokenized, making transfers and trades as simple as sending a cryptocurrency.
Retail & Agriculture
Blockchain technology can enhance supply chain traceability and efficiency in both retail and agriculture sectors. In retail, blockchain allows for complete traceability of product origins from manufacturing to delivery, improving accountability and reducing fraud. In agriculture, smart contracts can automate complex aspects such as subsidy distribution and trading systems, facilitating automatic payments to farmers upon the blockchain-verified delivery of goods.
Sports & Gaming
The sports industry, including popular sectors like soccer and Formula 1, could employ blockchain to revamp ticketing systems, making them more secure and transparent. NFTs could serve as collectible assets for fans, ranging from digital trading cards to unique multimedia experiences.
Looking Ahead: Venture Building and Accelerator Program
As the Middle East’s largest market with some of the highest levels of tech engagement, Adaverse expects to see exponential growth in local deep and disruptive technology projects over the coming years. As exemplified by the event this week, Riyadh will be at the centre of this growth and Adaverse is excited to be a part of it.
By bringing expertise in identifying and nurturing Web3 startups, Adaverse aims to contribute to Saudi Arabia’s burgeoning technological landscape. Web3 founders and enthusiasts are invited to join in this exciting venture as efforts are made to realize the potential of the Middle East’s largest market.
About Adaverse
Adaverse is a Cardano Ecosystem Accelerator and Venture fund, serving as Cardano’s venture wing for MEA and Asia. Adaverse provides a comprehensive range of services, including blockchain advisory, development, and support for early-stage Web3 startups. Since its inception, Adaverse has invested in and accelerated over 45 companies across diverse sectors such as Web3, exchanges, NFTs, gamefi, DeFi, and proptech. Through a potent blend of funds, mentorship, and technological infrastructure, Adaverse aims to scale Web3 solutions globally, drawing upon its international expertise and in-depth local market experience.
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