MENA Gaming Startup Farcana Secures Investment from Animoca
Based on early playtests in Dubai, the game has drawn over 40,000 players and more tournaments are being planned.
Animoca Brands has provided undisclosed strategic support to the UAE-based gaming startup Farcana, with the aim of advancing their web3 game development with Bitcoin integration, as per an announcement.[1]
It also gears up for a token launch and full game release earlier next year.
Farcana is a third-person shooter team arena game powered by Unreal Engine 5 that features competitive tournaments with ongoing Bitcoin prize pools. 'Free Mint' Bitcoin ordinals will be introduced in one of the first AAA Web3 games.
Based on early playtests in Dubai, the game has drawn over 40,000 players and more tournaments are being planned.
With Animoca's funding, Farcana will get closer to its objective of being the top gaming studio in the MENA area.
Since 2023's June quarter, Animoca Brands and Farcana have been working together on tokenomics and go-to-market strategies.
Animoca and NEOM Partnership
In October, Animoca Brands penned a memorandum of understanding (MoU) with Saudi Arabian NEOM with the aim of driving regional Web3 initiatives, according to a company announcement.[2]
The Convertible Notes Financing Term Sheet (Term Sheet) has been executed by the Company and NEOM Investment Fund in conjunction with the Strategic Partnership.
NEOM Investment Fund is proposing to invest $50 million in Animoca Brands, of which $25 million will be made through the issuance of convertible notes at a conversion cap price of $4.50 per share. The remaining $25 million will be used to buy the company's shares on the secondary market.
In order to promote technological improvements in Riyadh and the NEOM region, Animoca Brands and NEOM will collaborate to develop Web3 enterprise service capabilities that have global commercial applicability as part of their strategic partnership.
A variety of Web3 efforts will be part of these projects, such as the creation of a center within NEOM to support the regional Web3 ecosystem and bring in a wide range of skills from Animoca Brands, its partners, and its substantial investment portfolio.
