The Sandbox has signed a memorandum of understanding with the Kingdom of Saudi Arabia.
The partnership will see the two entities work on metaverse projects.
The Sandbox is yet to reveal details explaining the scope of the agreement.
The Sandbox partners with Saudi Arabia
Sandbox co-founder and COO Sebastien Borget announced via LinkedIn a few hours ago that the metaverse gaming platform has entered an agreement with Saudi Arabia.
However, the complete details of the agreement were not provided. While revealing this latest partnership, Borget said;
“It was a true honor to sign our MOU partnership ceremony between The Sandbox and the Saudi Arabia Digital Government Authority (DGA) during the leap2023 conference, and we look forward to exploring, advising and supporting mutually each other in activations of the Metaverse!”
The Sandbox’s co-founder and Saudi Arabia’s DGA signed the MoU while attending the ongoing Leap Tech Conference in the Saudi capital of Riyadh. The tech conference began on February 6th and is set to end on February 9th.
Borget pointed out that while he could not provide further details regarding The Sandbox’s agreement with the Saudi Arabian government, more information would be provided over the coming weeks.
SAND rallies following the partnership news
This latest cryptocurrency news has seen SAND, the native token of The Sandbox ecosystem, outperform the broader crypto market. At press time, the price of The Sandbox stands at $0.8943, up by more than 23% in the last 24 hours.
The Sandbox has been a major metaverse project in the cryptocurrency space in recent years. However, it is yet to achieve massive adoption as the metaverse ecosystem is still in its early days.
The Sandbox is a virtual space where users are allowed to create their own mini-universe within the game.
In 2021, The Sandbox raised $93 million in a Series B round led by SoftBank’s Vision Fund. The company was also reportedly seeking to raise another $400 million, which would bring its valuation to roughly $4 billion.
The partnership with Saudi Arabia doesn’t come as a surprise due to the fast-rising adoption of web3 in the Middle East. Saudi Arabia and the United Arabs Emirates are leading the way in this regard thanks to the policies and investments related to web3, crypto, and the metaverse, they have been rolling out.