Sandbox signs metaverse MOU with Saudi Arabia Digital Government Authority

Sandbox signs metaverse MOU with Saudi Arabia Digital Government Authority

Sandbox has just announced the birth of a new collaboration with Saudi Arabia, targeted at exploring the metaverse landscape. The news triggered positive movement for the SAND token.

Sandbox’s new partnership with Saudi Arabia

Sandbox is a metaverse platform that allows users to buy digital pieces of land and provides associated interactive services. Sandbox was built to accommodate all entities, including, individuals, as well as private and public institutions or even governments. The latest player to join this NFT and blockchain-powered platform is the Saudi Arabian government.

According to a recent tweet by Sandbox’s COO, Sebastian Borget, the metaverse network recently signed an MOU with Saudi’s Digital Government Authority. The tweet said, “It was a true honor to sign our MOU partnership ceremony between @TheSandboxGame and the Saudi Arabia Digital Government Authority (DGA).”

The reports indicate that this MOU was signed during the LEAP Tech Conference in Saudi Arabia. In the tweet, Borget noted that the mission of this collaboration is simply advising and supporting each other in their metaverse agenda.

This is not Saudi’s first step into the digital asset landscape. Last year, Saudi Arabia completed several robust moves associated with the blockchain space. One of the standout moves was the appointment of Mohsen AlZahrani as the crypto chief by the apex bank. This appointment came when the UAE continuously grew into a global hub for virtual assets.

Furthermore, the country made headlines in the crypto landscape after the launch of the Saudi-themed NFT, which performed exceptionally well in the markets, especially after the nation defeated Argentina in the world cup. All these moves by Saudi Arabia were precursors for a deeper move in web3.

Sandbox (SAND) surged despite winters

Following the announcement of the Saudi Arabia deal, the Sandbox metaverse community was vastly impressed. This was noted from the reaction of the SAND token in the markets. Reports indicate that the coin gained about 30% soon after unveiling the mysterious partnership.

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Coinstats: SAND token price action charts

The SAND token is trading at an average value of $0.8815, about 21% more than its value 24 hours ago. When the announcement was made, SAND was trading at just about $0.71. However, in 5 hours, the coin rose to $0.92. This was a surge of approximately 29.6% in just 5 hours. 

However, SAND value plunged, then surged to $0.93. Using a base value of $0.71, the coin’s value recorded a surge of over 30.9% since the announcement. When writing this report, the coin trades at a $0.88 — 23% surge from the initial value. Hence, most of the upward movement of this token is courtesy of the partnership with the Saudi government.

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Coinmarketcap: Bearish user comments on SAND

However, not everyone was impressed with the announcement. A particular bearish user commented on Coinmarketcap that Sandbox announced a new partnership while awaiting a massive unlock soon. The user highlighted that users should be ready for a massive dump. 

Sandbox’s survival in crypto winters

Sandbox was one of the crypto networks seemingly going on with business last year, despite the harsh market winters. This metaverse migrated its contract to layer two solutions Polygon to deal with gas fee hikes. 

Later in August, the network partnered with the Hell’s Kitchen TV show. After the recent catastrophe that hit Turkey and Syria, Sandbox was among the companies to send relief supplies to the affected area.

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