- Sandbox and Saudi Arabia signed a memorandum of understanding.
- The price of SAND surged by 30% in a matter of hours.
- There will be a large token unlock soon.
Sandbox, a metaverse gaming platform, has signed an agreement with Saudi Arabia. In response, the value of its native token, SAND, has increased by more than 30%.
Sebastien Borget, co-founder and COO of Sandbox, announced a memorandum of understanding (MOU) with the Saudi Arabia Digital Government Authority (DGA) on February 7th.
The announcement was made via a LinkedIn post during the 2023 LEAP tech conference held in the Middle East Nation.
Borget said, “We look forward to exploring, advising, and mutually supporting each other in Metaverse activations!”
Full details were not provided at the time, but an MOU typically precedes and leads to a more permanent partnership. Borget also stated that more information would be released in the coming weeks.
2023: The Sandbox
The Sandbox is regarded as one of the pioneers of Metaverse technology. It has, however, suffered significantly during the crypto bear market, with adoption and token prices plummeting.
However, there were some encouraging statistics for the Sandbox in 2022, as highlighted in a blog post last month.
According to the company, more than 300 agencies and studios are onboarding brands in The Sandbox, a fourfold increase over the previous year.
Over 400 brands had joined The Sandbox to “leverage the new digital paradigm to meet their goals” by building brands on Web3 culture, according to the company.
Atari, Ubisoft, and Warner Music Group, among others, have already purchased large plots of virtual land.
The ecosystem will grow into 2023 by bringing new partners and launching new content in the Metaverse. The Saudi deal is just the latest in what could be a banner year for Metaverse projects.
According to Crunchbase, Sandbox raised $95 million in four funding rounds between 2020 and 2021.
Price Increases
The Saudi announcement has done wonders for SAND prices, which are still significantly lower than their peaks.
SAND has gained 30% in the last few hours, reaching an intraday high of $0.93. According to CoinGecko, the Metaverse token was trading at $0.883 at the time of writing.
SAND has risen 82% in the last month, and analysts predict that Metaverse coins will recover quickly.
However, SAND is still 89% below its all-time high of $8.40 in November 2021. Furthermore, a large token unlocking on February 14th may dampen momentum.
