Sandbox (SAND) experienced a surge of 30% following the strategic partnership
Through this partnership, Sandbox will collaborate with Saudi Metaverse.
The Sandbox (SAND) experienced a surge of 30% following the announcement of a strategic partnership between itself and Saudi Metaverse. The first government-backed blockchain project in the Kingdom of Saudi Arabia. Through this partnership, Sandbox will collaborate with Saudi Metaverse. Thus bringing its world-building tools and expansive NFT library to Middle Eastern users.
The blockchain-based gaming platform Sandbox announced on Feb. 7 that it has entered into an agreement with Saudi Arabia’s Digital Government Authority (DGA). The news was shared by Sandbox’s co-founder and COO Sebastien Borget. Which took place during the LEAP 2023 tech conference in Saudi Arabia.
As a result of this announcement, the native token of Sandbox, SAND, surged upwards by over 30%. This memorandum of understanding (MOU) between the two organizations signifies potential cooperation between them on initiatives related to blockchain technology and digital economy solutions.
Borget further stated, “We look forward to exploring, advising and supporting mutually each other in activations of the Metaverse”
The partnership between The Sandbox and Saudi Metaverse brings with it many possibilities for both platforms. Furthermore, their respective userbases — not least among them, is increased access to creating gaming experiences across borders and cultures. To kick off their relationship in style, The Sandbox also recently opened a new shopfront within the SAUDI METAVERSE marketplace. This is where users can buy directly from the game’s official store using either fiat or cryptocurrency payments such as Bitcoin (BTC) or Ethereum (ETH).
The Sandbox Will Experience Significant Growth in 2023
The Sandbox has been able to achieve impressive growth over the past year by staying true to its core mission: giving gamers and developers an opportunity to express themselves in imaginative ways while creating a secure environment of trust and collaboration. As part of this milestone announcement.
These collaborations demonstrate how serious The Sandbox is about revolutionizing gaming with blockchain technology by enabling creators and players alike to access decentralized economies within the metaverse.
In addition, the platform has made several significant updates since 2012 including improved graphics capabilities; newbie-friendly toolsets; fully customizable maps; asset marketplace developments; expanded offline mode options; as well as numerous additional features meant to enhance user experiences even further during gameplay.
The Metaverse ecosystem is set to experience a period of significant growth in the coming year, as 2023 will see the onboarding of new partners and the launch of new content. In particular, the recent agreement with Saudi Arabia marks a major milestone for Metaverse projects, indicating that the upcoming year could prove to be much more successful than before.
In terms of financials, Crunchbase reports that The Sandbox has managed to raise a grand total of $95 million in funding over four rounds during 2020 and 2021. This indicates that investors are beginning to recognize the potential of Metaverse projects. Thus and willing to pour in substantial amounts of capital into these ventures.