Sebastian Borje, Co-founder and COO of The Sandbox, announced a partnership with the Digital Government Authority (DGA) of Saudi Arabia for the utilization of the Metaverse. This news caused a surge in SAND token value, increasing by over 25% from the previous day. The partnership was formalized with the signing of a Memorandum of Understanding (MOU) at the Leap Tech Conference in Riyadh, Saudi Arabia. Further details of the partnership will be revealed in the coming weeks.
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 mutually each other in activations of the Metaverse pic.twitter.com/mTBYqlwvUa— Sebastien 🏞 (@borgetsebastien) February 7, 2023
The DGA was established to improve digital services offered by government agencies in Saudi Arabia and to increase government investment and economic value. The country is focused on investing in cutting-edge technology and has previously announced plans to invest over $6.4 billion in various technologies, including the Metaverse.
The Metaverse is a multiplayer virtual reality world that can be accessed via the internet. It allows users to enjoy various experiences through avatars, such as creating voxel art and games in “The Sandbox.” The Sandbox is a Metaverse game built on the Ethereum blockchain that enables players to participate in virtual events, create items, and sell them as NFTs (non-fungible tokens).
The United Arab Emirates (UAE) is also actively investing in Web3 technologies such as crypto assets and the Metaverse. Prince Hamdan of Dubai has announced the “Dubai Metaverse Strategy” with plans to create 40,000 jobs and grow the Metaverse economy to over $4 billion in the next five years. The Sandbox has already partnered with several fashion brands, entertainment companies, and virtual currency-related companies to purchase virtual land and host events.
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