Why is the Sandbox (SAND), price skyrocketing by more than 20%?
The growing popularity of metaverses has led to countries competing against each other to be the next “metaverse center”. Saudi Arabia, which recently expressed interest in creating its own metaverse has also joined the crypto bandwagon. These two countries have been looking at policies and investments related to cryptocurrencies, Web3, the metaverse, and other technologies for the past few years.
Saudi Arabia Sandbox Collabs
According to the latest news, The Sandbox, a metaverse gaming platform, and Saudi Arabia have signed an memorandum to cooperate on various metaverse projects. Sebastien Borget (co-founder and Chief Operating Officer at Sandbox), announced the news via LinkedIn.
According to reports, the Sandbox CEO said:
It was an honor to sign the MOU partnership ceremony for Saudi Arabia Digital Government Authority (DGA). We look forward to supporting each other in activations to the Metaverse by exploring, advising, and supporting each other!
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Borget and the Saudi Arabian DGA drafted the memorandum during their visit to Riyadh, capital of the Leap Tech Conference. Borget could not disclose any additional information about the agreement with the distinguished middle eastern country, but he stated that he would provide more details in the coming weeks.
Price Surges for Sandbox (SAND).
The price of The Sandbox (SAND), as a result of this announcement, moved to $0.88 at the time it was composed. According to CoinGape’s crypto market tracker, this represents a 17% increase in the price of The Sandbox (SAND) over the last hour, compared to a 21% jump over the previous 24 hours.
The company completed a Series B round with $93 million in funding in 2021. This was led by SoftBank Vision Fund. The company was rumored, less than half a decade later, to be seeking an additional $400 million in funding. This would have given it a valuation exceeding $4 billion.
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