- The Saudi government and The Sandbox agreed to an MOU.
- Within a few hours, SAND prices rose 30%.
- A sizable token emerges and moves closer.
The Saudi Arabia Digital Government Authority and The Sandbox co-founder and COO Sebastien Borget launched an MOU on February 7. During the LEAP 2023 tech conference in the Middle Eastern country, they broke the news via a LinkedIn post.
An MOU is often the first step in a longer-term relationship, although further information needs to be given at the time. Borget stated that they would release further details in the coming weeks.
One of the forerunners of Metaverse technology is said to be The Sandbox. But they may suffer due to the sharp decline in adoption and token values during the cryptocurrency bear market.
The Sandbox published that more than 300 studios and agencies are onboarding brands. The company claims a fourfold increase from the previous year.
It also said that over 400 firms had joined The Sandbox to “exploit the new digital paradigm to fulfill their goals” by creating brands based on Web culture.
Large virtual land parcels have already been purchased by gaming and entertainment titans like Atari, Ubisoft, and Warner Music Group.
The ecosystem will expand until 2023 by adding new partners and producing content for the Metaverse. The Saudi Arabia partnership is first of many when it comes to Metaverse initiatives in 2023.
Across four rounds in 2020 and 2021, The Sandbox raised $95 million in funding, according to Crunchbase. SAND rose 30%, hitting an intraday high of $0.93. The Metaverse coin is currently worth $0.7221, according to CoinGecko.
It is aslo experiencing a rise in trading volume which currently stands at $1,031,410,157. After SAND’s 82% increase over the past month, analysts expect the price of Metaverse coins to recover.