Sandbox, a metaverse game platform, has signed an arrangement with Saudi Arabia. In response, the value of its native token, SAND, has increased by more than 30%.
Sebastien Borget, co-founder and COO of Sandbox, announced a memorandum of understanding (MOU) with the Saudi Arabia Digital Government Authority on February 7. (DGA).
The news was posted via LinkedIn during the Middle East nation’s LEAP 2023 tech conference.
Borget said, “We look forward to investigating, guiding, and mutually supporting each other in Metaverse activations!”
More information was not disclosed then, although an MOU is typically a precursor to more permanent cooperation. Borget stated that further details would be released in the coming weeks.
The Sandbox is regarded as one of the ancestors of Metaverse technology. However, it suffered significantly during the bad crypto market, with adoption and token values falling.
However, there were some encouraging statistics for the Sandbox in 2022, as mentioned in a blog post last month.
According to the company, more than 300 agencies and studios are onboarding brands in The Sandbox, a fourfold increase over the previous year.
Over 400 firms have joined The Sandbox to “exploit the new digital paradigm to fulfill their goals” by developing brands on Web3 culture, according to the company.
Atari, Ubisoft, and Warner Music Group, among others, have previously purchased vast areas of virtual property.
The ecosystem will grow through 2023 by bringing on more partners and providing new content in the Metaverse. The Saudi deal is just the latest in what might be a banner year for Metaverse initiatives.
According to Crunchbase, the Sandbox garnered $95 million in four investment rounds between 2020 and 2021.
The Saudi declaration has done wonders for SAND prices, which are still much below their heights.
SAND has gained 30% in the last four hours, reaching an intraday high of $0.93. According to CoinGecko, the Metaverse coin was trading at $0.883 at the time of writing.
SAND has risen 82% in the last month, and analysts predict that Metaverse currencies will rebound fast.
However, SAND was still 89% behind its all-time high of $8.40 in November 2021. Furthermore, a massive token unlocks on February 14 may dampen momentum.
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