South Korean gaming giant Neowiz Holdings plans to broaden its reach by establishing a blockchain enterprise in the United Arab Emirates, according to a report by Korean news site Newsis.
The company aims to expand its services internationally through this endeavor. For this reason, the CEO of Neowiz Holdings, Oh Seung-Heon, is visiting Abu Dhabi as part of a delegation to explore potential partnerships with government agencies and businesses in the blockchain sector.
Neowiz Holdings and its subsidiary Neofly’s blockchain platform NEOPIN are currently seeking potential collaborators in the UAE to further expand their global business.
Oh Seung-Heon, CEO of Neofly, is working to expand into the international market through the Middle East as a gateway. According to report, this effort led to the launch of an economic mission with the goal of forming successful partnerships.
Neofly has also released its own digital asset, Neopin (NPT), which can be found on both domestic and foreign exchanges. It connects a wide range of games, metaverses, services, non-fungible tokens (NFTs), and other decentralized finance (DeFi) offerings, creating a vast ecosystem with endless opportunities for users globally.
Recently, Neofly established a subsidiary corporation in Abu Dhabi, United Arab Emirates to take advantage of the global blockchain market.
A representative from the company stated that they are eager to expand into the international blockchain market with a focus on building operations in the UAE. Additionally, the company is consulting with relevant organizations in the region, with plans to see tangible results soon.
The UAE announced its goal last July to transition from a petroleum-based economy to a knowledge-based one, and as a part of this effort, they launched the Metaverse as a national key project and made significant investments in it. This includes opening and managing its Economy Department headquarters in September.
It is important to note that the metaverse industry and blockchain technology are closely related. The Middle East is working to foster a digital innovation sector by promoting a friendly environment for blockchain technology.
As a matter of fact, Abu Dhabi, the capital of the United Arab Emirates, has taken a leading role in advancing blockchain technology worldwide. By implementing regulations for digital assets in 2018, Abu Dhabi has become an attractive market for IT companies looking to expand their presence in the Middle East. This initiative has been well-received by investors and business owners who see it as a potential opportunity for growth.
An expert in the field has stated that the Middle East region, alongside Singapore, is becoming a key location for IT companies globally due to its potential for virtual assets and blockchain technology.
This is not surprising, as many leading virtual asset exchanges and companies, such as Binance and Crypto.com, have entered the UAE.
Blockchain game developer WeMade also announced that it has set up a blockchain corporation in Abu Dhabi, demonstrating the level of commitment these companies have to entering this market.