South Korean video game giant Neowiz Holdings has announced its ambition to reach a wider audience by creating a block chain company in the United Arab Emirates, as reported by the Korean news site Newsis. Through this venture, they are committed to expanding their services internationally.
Additionally, Oh Seung-Heon, CEO of Neowiz Holdings, is traveling to Abu Dhabi as part of the Korea-UAE economic delegation to explore potential collaborations with government agencies and companies in the blockchain industry.
In order to further develop its global business, Neowiz Holdings and NEOPIN (an open blockchain platform developed by its subsidiary Neofly) are now actively seeking potential partners in the UAE.
Oh Seung-Heon, also CEO of Neofly, has endeavored to tap into the international market through the Middle East as a gateway. Reports indicate that this company has been instrumental in kicking off today’s economic mission in hopes of successful partnerships.
Neofly has proudly launched its own digital asset Neopin (NPT), which is available on domestic and foreign exchanges, connecting a vast network of games, metaverses, services, non-fungible tokens (NFTs) and other decentralized finance (Challenge) offerings. This ever-expanding ecosystem provides unlimited opportunities for users around the world.
Additionally, Neofly recently inaugurated a subsidiary in Abu Dhabi, UAE to capitalize on the global blockchain industry. An official from the company said that they “look forward to entering the international blockchain market with an eye on core operations in the UAE.” At the same time, consultations are under way with relevant organizations in this region. It is expected that tangible results will be visible soon after.
Last July, the The UAE said an ambitious shift from an oil-based economy to a knowledge-based economy. To achieve this, they launched the Metaverse as a national key project and made significant investments in this direction, such as the opening and management of its headquarters of the Department of Economy, last September.
The metaverse industry is strongly tied to blockchain technology. The Middle East region has dedicated its efforts to creating a digital innovation sector by endorsing a “blockchain-friendly” environment.
Abu Dhabi, the capital of the United Arab Emirates, has stepped up to revitalize blockchain technology around the world. Introducing digital asset regulations in 2018, the Abu Dhabi market is now a hot spot for global IT companies looking to expand their presence in the Middle East. This initiative has been endorsed by investors and business owners, who are eager to capitalize on this emerging opportunity.
A renowned expert in the field said that due to its potential for virtual assets and blockchain technology, the Middle East region is an emerging focal point for IT companies around the world – next to Singapore. No wonder it arouses so much curiosity!
In recent years, many leading virtual asset exchanges and companies, such as Binance and Crypto.com, have made a foray into the UAE. Blockchain game developer WeMade also recently stated that it has established its blockchain company in Abu Dhabi, which signifies how serious these companies are about entering this market.