Digital Legal Framework Essential for Esports Growth

With the rise of technological realms like the metaverse, experts at the Next World Forum emphasized the urgency for governments around the world to devise a digital legal structure. This framework, they suggest, should not only ensure the smooth operation of virtual platforms but also be conducive to attracting talent.

Sebastien Borget, Chief Operating Officer and co-founder of The Sandbox, remarked,

“In the coming decades, nations that prioritize the establishment of a digital legal framework will be highly sought after.”

Yat Siu, Executive Chairman and co-founder of Animoca Brands, stressed the initial move should be acknowledging digital assets as tangible properties. He also highlighted Saudi Arabia’s potential in this domain, noting its tech-savvy populace.

“Saudi users, on average, spend over eight hours online daily, surpassing their work hours,”

Siu observed.

The forum, a significant global event for the gaming and esports industry, wrapped up with numerous international attendees. It served as a platform for discussions about an industry valued at approximately 170 billion USD, overshadowing even Hollywood and the music sector.

Prince Faisal bin Bandar, the Chairman of the Saudi Esports Federation, shared,

“Saudi Arabia’s vision is to be a global epicenter for gaming and esports. Hosting events like the Next World Forum is pivotal in this endeavor.”

He emphasized that the goal wasn’t solely about financial investment but also about pushing limits.

Spotlight on Growth Potential

Gareth Bale, renowned footballer and esports enthusiast, shared his insights on a celebrity panel. He opined that esports might soon rival traditional sports in popularity.

“The growth trajectory of esports is impressive. It offers youngsters diverse opportunities, including international interactions through gaming,”

Bale said. He also shared his positive experience investing in the esports sector, emphasizing the rising prominence of virtual reality.

Jessica Tams, Chief Executive Officer of Seven Falls, praised Saudi Arabia as an ideal hub for the gaming industry, citing the nation’s gamer-heavy population and governmental support. She revealed plans for her company’s expansion into the Kingdom, aiming to tap into local talent.

Mosaad Al-Dossary, Chief Executive Officer of Team Falcons, echoed Tams’ sentiments, expressing optimism about the gaming industry’s future in Saudi Arabia.

Miscellaneous

The forum was also a venue for strategic partnerships. A notable agreement was inked between the Saudi Esports Federation and the Qatar Esports Federation.

Image Credit: tom mesic via Flickr