Sandbox, a pioneering gaming company in the Metaverse world, recently finalized a deal with the Saudi Arabian government on February 7th. While the specifics of the agreement are not yet public, the price of SAND, Sandbox’s native token, has surged by 30% to nearly reach the $1 million mark following a significant announcement by Borget.
Sandbox and Saudi Arabia have officially agreed to collaborate, as confirmed by Sebastien Borget, Sandbox’s COO and co-founder, in a LinkedIn post on February 7th. Borget revealed that the Digital Government Authority of Saudi Arabia formalized an agreement to work with The Sandbox, with the signing taking place in Riyadh, the capital of Saudi Arabia, during the ongoing Leap Tech Conference.
Although detailed information about the deal is limited, it is known that both parties will offer support and guidance in exploring the metaverse. Borget mentioned that additional information regarding the memorandum of understanding will be shared in the coming days.
The news of the partnership has resulted in a significant increase in the price of SAND, with the token rising from $0.71 to $0.93 in a short span of time. SAND now ranks among the top 45 cryptocurrencies based on market capitalization. The price is expected to surpass $1.01 soon, potentially altering market expectations as more details emerge.
Sandbox’s popularity continues to grow, positioning it for widespread adoption as a frontrunner in metaverse development. The platform allows users to create their own virtual spaces within a vast gaming environment. Known for forging strategic partnerships, Sandbox has collaborated with major entities such as HSBC bank, Adidas, Atari, Lionsgate, and celebrities like Snoop Dogg.
In 2021, Sandbox raised $93 million from SoftBank’s Vision Fund and subsequently sought additional funding of $400 million to achieve a valuation of $4 billion. The company’s success and innovation have garnered attention and support from investors and industry leaders alike, driving its advancement in the evolving metaverse landscape.