SAND token rises by 28% after the announcement of Saudi Arabia’s collaboration with the metaverse

The memorandum of understanding was concluded at the LEAP 2023 conference

08.02.2023 - 08:55

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2 min

What’s new? The Sandbox metaverse and the Saudi authorities have signed a memorandum of understanding (MOU). The Sandbox co-founder and COO Borget Sebastien announced this, without revealing details, on LinkedIn. The project’s native token, SAND, responded to the announcement with a 27,62% increase and is trading at $0,9125 as of February 8, 08:10 UTC, according to the Binance exchange.

Link to LinkedIn

What else is known about the partnership? The Sandbox signed an MOU with the Saudi Arabia Digital Government Authority (DGA) during the LEAP 2023 conference in Riyadh. Borget added that the project’s team is looking forward to mutually supporting each other in virtual space initiatives.

What is known about Sandbox? The project was launched by game developer Pixowl in 2012. It is a virtual world based on the Ethereum blockchain that allows one to create, buy and sell digital assets using the SAND token. LAND tokens are non-fungible tokens (NFTs). SAND ranks 43rd in the cryptocurrency ranking with a capitalization of $1,58 billion.

Previously, countries in the Middle East and North Africa became leaders in the volume of crypto transactions. From July 2021 to July 2022, it increased by 48%. Egypt and Saudi Arabia recorded the largest increases, 221%, and 195%.

In May 2022, Dubai’s Virtual Assets Regulatory Authority (VARA) announced Sandbox as its headquarters. In September, Sandbox representatives reported that they would launch a metaverse in Dubai and other major cities around the world.

To learn more about ways to make money on virtual lands, see GetBlock Magazine’s article.

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