- SAND rose by double-digit after Sandbox entered into a deal with Saudi Arabia.
- The new collaboration relates to metaverse projects, with ‘more deals expected in the weeks to come.’
The token powering the metaverse platform Sandbox, SAND, rallied more than 20% Wednesday on a new deal with the Kingdom of Saudi Arabia for metaverse projects.
The Saudi Arabia Digital Government Authority and Sandbox announced the new collaboration during the Leap Tech Conference 2023 held in Saudi’s capital Riyadh. Sebastien Borget, Sandbox co-founder, has lauded the step, saying it is geared towards “exploring, advising and supporting each other in activations of the Metaverse.’’
The deal cements a growing adoption of Web3 in the Middle East
The new arrangement underlines the growing adoption of Web3 and Metaverse in the Middle East. In mid-2022, Dubai announced a Metaverse strategy that seeks to infuse more than $4 billion into the fast-growing economy. Dubai’s authorities said the region wants to increase the number of the metaverse and blockchain companies by up to five times to achieve the objective set for 5 years. Leading crypto exchanges including Binance have been granted approvals to operate in the region.
As one of the leading metaverse companies, the Sandbox has been crucial to firms and economies seeking to catapult to the world of virtual realities. The gaming platform has onboarded more than 400 partners into the space, including the Warner Music Group, Adidas, Snoop Dogg, and Tony Hawk among others. Conversely, strategists at Citi believe the Metaverse economy would be valued at up to $13 trillion by 2030.
The Sandbox is a virtual space that lets individuals enjoy a virtual world. Users can create and play virtual games and get immersed in a virtual universe, including buying land and NFTs.