The Sandbox and Saudi Arabia behind SAND, a popular metaverse coin , signed a memorandum of understanding without disclosing details about the scope of the deal. Like the United Arab Emirates, Saudi Arabia is showing great interest in crypto and web3. Here are the details…
Agreement between Metaverse coin and Saudi Arabia
Metaverse gaming platform The Sandbox and Saudi Arabia have reached some sort of agreement. Details were not given. Sebastien Borget, co-founder and COO of The Sandbox, used LinkedIn to announce the news. “It was a real honor to sign a partnership between The Sandbox and the Saudi Arabian Digital Government Authority (DGA),” said Borget, emphasizing that they look forward to exploring, advising and mutually supporting the metaverse. Borget and Saudi Arabia’s DGA signed the memorandum while attending the Leap Tech Conference in the Saudi capital, Riyadh.
Borget said his company could not reveal more about its deal with the Saudi Arabian government, but details will be announced “in the coming weeks.” The Sandbox is a platform that has not yet been massively adopted. However, he is seen by many executives and investors as a leader in the development of the metaverse space. The platform appears as a virtual space where users can create their own mini-universe within the game.
SAND price jumps
The company raised $93 million in a Series B round led by SoftBank’s Vision fund in 2021, and is said to be looking to raise another $400 million less than six months later, at a valuation of $4 billion. In the Middle East, both Saudi Arabia and the United Arab Emirates have been implementing policies and investments in cryptocurrency, web3 and metaverse in recent years. According to a government-owned website, Saudi Arabia’s DGA is “the authority that deals with all things digital government related.”
With the effect of these developments, the SAND price gained 25 percent in value. The cryptocurrency managed to rise from the levels of $ 0.72 to $ 0.93. At the time of writing, it is trading at $0.89, up 25 percent. Launched by Pixowl in 2011, The Sandbox is a Blockchain-based virtual world that allows users to create, create, buy and sell digital assets in the form of a game.
As metaverseplanet.net reports, The Sandbox combines the strengths of decentralized autonomous organizations (DAOs) and NFTs to create a decentralized platform for a thriving gaming community. According to the official whitepaper, the main task of the Sandbox platform is to successfully introduce Blockchain technology to mainstream gaming. The platform focuses on facilitating a creative “play-to-earn” model that allows users to be creative and playful at the same time.