Manga Productions, a Saudi entertainment company, and Animoca Brands, a digital entertainment company based in Hong Kong, signed a memorandum of understanding on Thursday for a strategic partnership in which they will create Web3 initiatives that feature Manga Productions’ content and characters.

The third generation of the World Wide Web, known as Web3, is currently evolving. It is more open and decentralized, and it makes use of blockchain technologies to speed up information sharing and business transactions.

Essam Bukhary, the CEO of Manga Productions, announced the agreement. The businesses announced that they will collaborate closely on a number of initiatives to advance the Saudi company’s content in the Web3 ecosystem, advance the local blockchain sector, and enhance media accessibility.

Manga Productions is referred to as the leading Middle Eastern producer of animation, comics, and games, while Animoca claimed to be known for advancing digital property rights in gaming and the open metaverse.  They stated that their partnership will initially focus on creating Web3 pilot projects that utilize the high-quality content library of Manga Productions and the vast ecosystem of Animoca.

Animoca stated that it will utilize its operational and business resources to offer regional talent educational and professional opportunities in pertinent fields, and it has already begun preliminary discussions with educational institutions in the area to develop introductory blockchain courses.

According to Bukhary, who spoke to Arab News, the collaboration shows the potential for cross-industry collaborations in the quickly developing entertainment and gaming sectors.

“Manga Productions and Animoca Brands can create engaging and unique experiences that appeal to a wide audience by leveraging each other’s strengths and expertise,” he said.

“We are delighted to announce our partnership with Animoca Brands and take our IPs (intellectual properties) beyond content and into various applications and experiences.

“With this partnership, we believe that this will further develop the creative industry in the region through Web3 applications, as well as expand our portfolio within online and offline activations of IPs.”

“We are incredibly excited to join forces with Manga Productions on this partnership to leverage our respective complementary strengths,” said Yat Siu, co-founder, and chair of Animoca.

“This partnership is one of our first significant steps in expanding into the Middle East, one of the fastest-growing Web3 ecosystems. In addition, the enriched cultural heritage can adapt to various forms of virtual content.

“We look forward to bringing the various initiatives with Manga Productions to life, and we expect to see more activities in the region through investment and strategic collaboration.”

In order to bring top-notch blockchain game titles to the area and support the international distribution of locally created content, Animoca said it will also investigate the viability of a specialized regional game-publishing platform with local partners, including Manga Productions.