The global pioneer of Metaverse games, Sandbox, closed a deal with the government of Saudi Arabia on February 7.
Although details of the deal are not in the public domain, SAND’s price has risen 30%, approaching the million dollar threshold following Borget’s big announcement.
Deal is!
Sandbox and Saudi Arabia have agreed to work together, as announced by Sandbox COO and co-founder Sebastien Borget. in a LinkedIn post on February 7.
Borget indicated that Saudi Arabia’s Digital Government Authority signed an agreement to work with The Sandbox. The two entities signed the agreement in the Saudi Arabian capital Riyadh during the currently taking place Leap Tech Conference.
Details of the deal remain scant as neither party has made a comprehensive statement. Borget’s post indicated that the two would have mutual support in terms of exploring and advising on the metaverse.
When asked about more details of the memorandum of understanding, Borget indicated that the parties will publish the full details in the coming days.
The price of SAND rises
However, the news has led to the flourishing of SAND (Sandbox Native Token), which skyrocketed to $0.93 from $0.71 in just a few hours. SAND is now in the top 45 crypto assets with the highest market capitalization.
The trend will see the price of SAND break above the $1.01 level in a matter of hours, thus changing market expectations. The price may go up or down as more details of the deal unfold.
sandbox adoption
Since its inception, Sandbox continues to move closer to mass adoption because many investors consider it a pioneer in metaverse development. The Sandbox platform allows users to create their virtual mini spaces within the broad spectrum of a game.
The platform created by Animoca Brands is familiar with making outstanding partnerships. It has been associated with financial institutions such as HSBC bank in the recent past.
Sandbox has also signed deals with top-tier companies like Adidas and Atari. Additionally, it has extended its capabilities into the movie industry by partnering with Lionsgate and celebrities like Snoop Dogg.
In 2021, the company was on a fundraising spree through SoftBank’s Vision Fund, where it raised $93 million. After six months, the company also began seeking additional financing of $400 million for a $4 billion valuation.
