The Sandbox Partners with Saudi Arabia on Metaverse SAND Soars

Cooperating with the Saudi Arabian government to utilize the Metaverse

Sebastian Borje, co-founder and COO of The Sandbox (SAND), which provides NFT (non-fungible token) games, announced on the 8th that Saudi Arabia’s digital government agency (DGA) and the Metaverse It was announced that they will cooperate in utilization. In response to this move, SAND token has soared more than 25% compared to the previous day.

It was a true honor to sign our MOU partnership ceremony between @TheSandboxGame and the Saudi Arabia Digital Government Authority (DGA) during #LEAP 2023 conference, and we look forward to exploring, advising and supporting each other in activations of the Metaverse pic.twitter.com/mTBYqlwvUa

— Sebastien (@borgetsebastien) February 7, 2023

Mr Borge said:

The memorandum of understanding was signed when attending the Leap Tech Conference, a technology industry event held in Riyadh, Saudi Arabia. Further details of the partnership will be revealed in the coming weeks, Borge said.

The Digital Government Authority of Saudi Arabia (DGA) was established to help Saudi government agencies provide high-quality and efficient digital services. It aims to increase government investment and economic value, and to measure the capabilities and performance of digital government.

Saudi Arabia is focused on investing in cutting-edge technology. In February 2022, it announced that it would invest more than ¥840 billion ($6.4 billion) in several cutting-edge technologies, including the Metaverse.

As part of this, the company plans to invest approximately 131 billion yen ($1 billion) in NEOM Tech & Digital Company, which develops its own metaverse. State-owned oil giant Aramco has also said it will invest $1 billion in blockchain venture capital firm Prosperity7 Ventures.

We are also working on Central Bank Digital Currency (CBDC), and in 2019, we started a demonstration experiment to verify CBDC settlement jointly with the neighboring United Arab Emirates (UAE). In 2021, they report that “distributed ledger technology will provide high performance.”

connection: Saudi Arabia to invest more than 700 billion yen in cutting-edge technologies such as Metaverse

Neighboring UAE also actively invests in Web3

The UAE is also active in developing Web3 such as crypto assets (virtual currency) and metaverse.

In July 2022, Prince Hamdan of Dubai, UAE announced the “Dubai Metaverse Strategy”. He plans to create 40,000 jobs in the Metaverse and grow it into an economy worth 520 billion yen ($4 billion).

connection: Dubai’s Metaverse Strategy “Grow to a market size of over 500 billion yen in 5 years”

What is The Sandbox?

The Sandbox is a Metaverse game built on the Ethereum (ETH) blockchain. Players can enjoy events in virtual space, create items, and issue and sell them as NFTs (non-fungible tokens).

Join us for the official release party for the World’s Biggest Demo Drop (#WBDD) with @warnermusic & @Spinnin Recordsinside The Sandbox!

26 Jan – Feb 8https://t.co/5jolJtXWjf pic.twitter.com/hdryWFspLh

— The Sandbox (@TheSandboxGame) January 25, 2023

So far, various fashion brands and entertainment companies such as Gucci, Warner Music, Square Enix, Avex Technologies, Coincheck, Japanese IP, virtual currency related companies, etc. have partnered with The Sandbox to purchase virtual land and We are holding an event.

connection: “Fist of the North Star” to The Sandbox, Minto and others to co-produce virtual space

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