RIYADH: Saudi entertainment company Manga Productions signed a memorandum of understanding on Thursday with Hong Kong-based digital entertainment business Animoca Brands for a strategic partnership in which they will develop Web3 initiatives that showcase Manga Productions content and characters. Web3 is the ongoing evolution of a third generation of the World Wide Web that is more decentralized and open, and utilizes blockchain technologies to facilitate information sharing and transactions. The agreement was announced by Essam Bukhary, the CEO of Manga Productions. The companies said that they will work closely together on a number projects to promote the Saudi company’s content in the Web3 ecosystem, develop the local blockchain industry, and improve access to media. Animoca said it is known for advancing digital property rights in gaming and the open metaverse, while Manga Productions is described as the top Middle Eastern producer of animation, comics and games. Initially, they said, their collaboration will concentrate on developing Web3 pilot projects across Animoca’s extensive ecosystem that utilize Manga Productions’ high-quality content portfolio. Animoca said it will make use of its operational and industry resources to provide local talents with educational and vocational opportunities in relevant fields, and has already started exploratory negotiations with educational institutions in the region to create basic courses on blockchain. Bukhary told Arab News that the collaboration reflects the potential for cross-industry partnerships in the rapidly evolving entertainment and gaming industries. “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 taking 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.” Yat Siu, the co-founder and chair of Animoca, said: “We are incredibly excited to join forces with Manga Productions on this partnership to leverage our respective complementary strengths. “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.” Animoca said it will also explore the feasibility of a dedicated regional game-publishing platform with local partners, including Manga Productions, to bring high-quality blockchain game titles to the region and support the global distribution of locally produced content.