The Saudi government signed a Memorandum of Understanding (MOU) with The Sandbox to develop Metaverse initiatives.
The Saudi Arabia Digital Government Authority (DGA) signed a Memorandum of Understanding (MOU) with representatives of the Metaverse project The Sandbox during the Leap 2023 conference held in Riyadh. This was announced by Sebastien Borget, Co-Founder and COO of The Sandbox.
The collaboration is abstractly defined as exploration, advising, and mutual support in the Metaverse development. No details of any joint projects were revealed. The cryptocurrency market in Saudi Arabia was actively developing in 2022, and the number of retail crypto investors exceeded 3 million.
After the collaboration announcement, the exchange rate of The Sandbox’s native token SAND rose by over 25%, according to CoinGecko. Subsequently, there was a slight correction. As of 11:00 a.m. (GMT+2) on February 9, SAND was at $0.81. The Sandbox has a total cap of $1.42 billion. It should be noted that the current value of SAND is about 90% less than the ATH of November 2021.
Notably, The Sandbox was among other cryptocurrency companies helping the victims of the recent earthquake, whose epicenter was located 26 kilometers east of the Turkish city of Nurdağı.
