The news that Sandbox had entered into an agreement for the development of metaverse projects with Saudi Arabia caused the price of Sandbox (SAND) to soar.
As interest in metaverses grows, countries are racing globally to become the next “metaverse hub.” Saudi Arabia has recently shown interest in joining the crypto bandwagon after the United Arab Emirates publicly expressed interest in creating its own metaverse.
Over the past few years, these nations have looked into developing policies and making investments related to cryptocurrencies, Web3, and the metaverse.
Saudi Arabia and Sandbox Collaboration
According to recent reports, Saudi Arabia and the Metaverse gaming platform The Sandbox have inked a memorandum of understanding to work together on developing various metaverse projects.
The announcement was made on LinkedIn by Sebastien Borget, co-founder and Chief Operating Officer of Sandbox.
The CEO of Sandbox stated, “It was an absolute honour to sign our MOU partnership ceremony with Saudi Arabia Digital Government Authority (DGA) and we look forward to discovering, advising, and supporting each other in activations of the Metaverse!”
While attending the Leap Tech Conference in the capital city of Riyadh, Borget and the Saudi Arabian DGA signed the memorandum. Although Borget could not share any further information on the agreement with the prominent middle-eastern country, he assured that more information would be made available in the upcoming weeks.
Sandbox (SAND) Price Goes up
The price of Sandbox (SAND) jumped to $0.88 at the time of composition in response to this recent news. And this caused a spike of 17% over the last hour compared to a jump of 21% over the past 24 hours, according to CoinGape’s cryptocurrency market tracker.
A $93 million Series B round of fundraising, backed by SoftBank’s Vision Fund, was successfully completed by the company in 2021. Less than six months later, it was claimed that the company was looking to raise $400 million more, which would have given it an astounding $4 billion valuation.