The Sandbox, a key player in the metaverse coin market, and Saudi Arabia have entered into a memorandum of understanding regarding SAND, a leading metaverse coin, without revealing the specifics of the agreement’s scope.
Similar to the United Arab Emirates, Saudi Arabia is demonstrating a keen interest in cryptocurrencies and web3 technologies. Here are the details…
Agreement between Metaverse coin and Saudi Arabia
The Sandbox, a prominent metaverse gaming platform, has forged an agreement with Saudi Arabia, though specific details remain undisclosed. Sebastien Borget, co-founder and COO of The Sandbox, announced the partnership via LinkedIn. “Signing a partnership with the Saudi Arabian Digital Government Authority (DGA) was truly an honor,” Borget stated, highlighting their enthusiasm for exploring, advising, and mutually enhancing the metaverse.
The memorandum was signed by Borget and Saudi Arabia’s DGA during their attendance at the Leap Tech Conference in Riyadh, the capital of Saudi Arabia.
While Borget mentioned that his company is unable to share more information about the agreement with the Saudi Arabian government at this time, he assured that details would be made public “in the coming weeks.”
The Sandbox, though not yet widely adopted on a massive scale, is regarded by many industry executives and investors as a leading entity in the development of the metaverse. The platform serves as a virtual space where users have the ability to create their own mini-universes within the game.
SAND price jumps
The Sandbox, a leading metaverse gaming platform, successfully secured $93 million in a Series B funding round spearheaded by SoftBank’s Vision Fund in 2021. Less than six months later, it is reportedly seeking an additional $400 million in funding, aiming for a valuation of $4 billion. In the Middle East, countries like Saudi Arabia and the United Arab Emirates have been actively fostering policies and investments in cryptocurrencies, web3, and the metaverse. The Saudi Digital Government Authority (DGA), as mentioned on a government-owned website, serves as the central entity for all digital government-related initiatives.
Amid these developments, the value of SAND, the platform’s cryptocurrency, surged by 25 percent. It notably climbed from $0.72 to $0.93, and at the time of writing, it is trading at $0.89, reflecting a 25 percent increase. Originally launched by Pixowl in 2011, The Sandbox is a blockchain-based virtual world that enables users to create, share, purchase, and sell digital assets in a gamified environment.
According to metaverseplanet.net, The Sandbox leverages the capabilities of Decentralized Autonomous Organizations (DAOs) and Non-Fungible Tokens (NFTs) to foster a decentralized and vibrant gaming community. The official whitepaper outlines the platform’s primary objective: to introduce blockchain technology to mainstream gaming effectively. The Sandbox emphasizes a “play-to-earn” model, encouraging users to engage creatively and enjoyably.
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