The Metaverse platform “Sandbox” signed a cooperation agreement with the government of Saudi Arabia, and this has caused the price of its native token – SAND – to rise up to 30%.
According to Valx and quoted by Bein Crypto, Sebastien Borget, one of the founders of Sandbox, announced on February 7 that the company had signed a memorandum of understanding with the authorities of the Digital Government of Saudi Arabia (DGA).
The announcement was made via a LinkedIn post during the LEAP 2023 technology conference in the Middle East. In addition, Borget added:
We look forward to exploring, advising and supporting each other to activate the Metaverse!
More details about the contents of this memorandum have not been provided, but memorandums are usually a prelude to permanent partnership in the future. More information will be released in the coming weeks, Burgett said.
Sandbox is considered one of the biggest Metaverse projects and one of its pioneers in the field of crypto. However, during last year’s bear market, the price of the sandbox suffered greatly and the number of its users decreased. However, this platform has not stopped developing and improving.
Statistics show that more than 300 agencies and studios are currently helping brands adopt Sandbox, which has quadrupled since last year. More than 400 brands have joined Sandbox and chosen it in order to keep up with the wave of Web 3.0 culture. Big entertainment giants such as Atari, Ubisoft and Warner Music Group have bought large virtual lands in this metaverse.
According to Crunchbase website statistics, Sandbox company has attracted 95 million dollars in four fundraising rounds in 2020 and 2021.
The release of the news of cooperation with Saudi Arabia caused a sharp rise in the price of SAND, however, the current price of Sandbox is still far from its historical peak.
The price of sandbox has increased by 82% during the last month. Analysts expect Metaverse projects to experience rapid recovery.
The post of a 30% jump in the price of the sandbox due to the partnership with Metaverse of Saudi Arabia was first published on the Wallex blog. appeared.
