The Sandbox Collabs with Saudi Arabia: Details
- The Sandbox has signed a memorandum of understanding (MoU) partnership with the South Arabia Digital Government Authority.
- The agreement was signed by the CEO of the blockchain firm and DGA of Saudi Arabia while they were both in Riyadh for the Leap Tech Conference.
- The digital platform is expanding its footprint in Saudi Arabia by signing an MOU and cooperating with other entities.
- SAND token has crawled back to $0.93 and is trading around the $0.88 zone, up by over 24% in the last 24 hours.
Renowned Metaverse gaming platform The Sandbox has reportedly collaborated with Saudi Arabia. Though the details of the collaboration have not been revealed yet, the co-founder and COO of the blockchain company, Sebastian Borget, announced on LinkedIn that The Sandbox has signed a memorandum of understanding (MoU) partnership with South Arabia.
“It was a true honor to sign our [memorandum of understanding] partnership … between The Sandbox and the Saudi Arabia Digital Government Authority,” he wrote. “We look forward to exploring, advising and supporting mutually each other in activations of the Metaverse!” Borget stated.
The agreement was signed by Borget and DGA of Saudi Arabia while they were both in Riyadh for the Leap Tech Conference. Borget stated that he could not provide any additional information about his company’s contract with the Saudi Arabian government but promised to do so in the “coming weeks.”
Although Sandbox hasn’t quite reached mass adoption, many business leaders and investors see it as a pioneer in the development of the metaverse.
The digital platform is expanding its footprint in Saudi Arabia by signing an MOU and cooperating with other entities. Notably, the company recently partnered with ZeptoLab, the company behind the well-known game Cut the Rope. With The Sandbox, the latter will explore the metaverse while creating digital collectibles.
This means that The Sandbox is pushing forward and incorporating more and more entities along with itself despite people’s fluctuating interest in the Metaverse realm amid the prolonged crypto winter. The cost of its native token, SAND, has also reflected this.
While SAND was trading around the $0.73 zone, the recent announcement by Borget has led to a boom in its value. The token has recently crawled back to $0.93 and is currently trading around the $0.88 zone, up by over 24% in the last 24 hours.
The Sandbox is known for its fresh ideas. In 2021, the company secured $93 million in a Series B funding round led by SoftBank’s Vision Fund. Interestingly, within the next six months, it was reportedly trying to raise an additional $400 million. The blockchain has been actively partnering to increase its presence in the crypto space and bring in additional customers as well.
As reported earlier by BitcoinWisdom, The Sandbox partnered with KEB Hana Bank to provide banking services in the metaverse. Additionally, popular adult magazine company Playboy announced that it will create a Playboy MetaMansion in The Sandbox metaverse which will also include NFT collectibles.
According to a recent report, blockchain data firm Chainalysis noted that emerging markets such as the Middle East and North Africa are the fastest-growing crypto markets. Regions like Turkey and Egypt have mostly turned to crypto for remittance and savings while both the UAE and Saudi Arabia made it into the top five countries in the MENA region in terms of received crypto value.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
