According to a blog post, Farcana, a rising Web3 powered gaming startup based in the United Arab Emirates (UAE), has just secured a strategic investment from none other than Animoca Brands. This investment is set to fuel Farcana’s beta launch and further development within the Bitcoin Ecosystem. With this investment and Animoca’s strong presence within the MENA region, Farcana aims to drive Web3 gaming adoption.
Farcana’s Goal To Drive Adoption In MENA
Farcana, a UAE-based gaming startup, secures investment from the industry leader in digital property rights, Animoca Brands, to enhance its beta launch and further its development within the Bitcoin ecosystem.
Farcana, a third-person shooter game developed using Unreal Engine 5, is gaining attention in the competitive gaming market with its unique integration of Bitcoin prize pools in tournaments. This AAA Web3 game is breaking new ground with its “Free Mint” Bitcoin ordinals concept. The platform has already accumulated a user base of over 40,000, driven by successful playtests in Dubai, and is gearing up for more tournaments.
Animoca’s significant investment is being directed towards enhancing Farcana and integrating it more deeply with the Bitcoin ecosystem. This is in preparation for an upcoming token launch and the full release of the game scheduled for early next year.
In the background, Animoca Brands is a notable Web3 company based in Hong Kong and it has been instrumental in shaping the game’s tokenomics and market strategy since the second quarter of 2023. This collaboration shows Animoca Brands’ active involvement in the Middle East and North Africa (MENA) region, complementing their recent strategic partnership with NEOM in Saudi Arabia.
Yat Siu, co-founder and executive chairman of Animoca Brands said, “We have been working with Farcana over the past year and we’ve been impressed with the development and traction it’s received so far. Our strategic investment into Farcana is part of the vision of Animoca Brands to drive Web3 development in MENA; the region is rapidly modernizing and adopting emerging technologies, and we’re excited to support partners such as Farcana as they actively lead the sector and bring exciting products to market.”
UAE’s Web3 Gaming Market Aims $1 Billion
Earlier in the month, HH Sheikh Hamdan, Crown Prince of Dubai, inaugurated the “Dubai Program for Gaming 2033,” a strategic initiative concentrating on talent, content, and technology to bolster Dubai and the UAE’s digital economy. Farcana, along with key Web3 collaborators like Animoca Brands, sees its efforts as significantly aligned with and supportive of this vision.
The Crypto Oasis Ecosystem Report 2023 reveals that currently, an impressive 40% of Web3-based games are under development, with launches anticipated in the next 12 to 18 months. This development boom is projected to draw in nearly 100 million gamers, potentially leading to a market valued at around $1 billion by 2025.
Ilman Shazhaev, the founder and CEO of Farcana, expressed his positive views on the strategic investment from Animoca Brands. He mentioned the highly productive collaboration between their teams throughout the year, especially in areas such as tokenomics redesign, in-game economy enhancements, documentation, and refining their go-to-market strategy. He highlighted how seamless the teamwork felt, almost blurring the lines between the two companies.
Dubai’s approach in digital assets, highlighted by the Dubai International Financial Centre and innovative regulations, positions it as a key player in the market. The introduction of the Virtual Asset Regulatory Authority and comprehensive federal regulations for virtual assets demonstrate the UAE’s commitment to becoming a global financial hub, attracting a wide range of digital asset businesses and accelerating industry growth.
