The Kingdom of Saudi Arabia entered into a partnership with the Sandbox platform, which is based on metaverse and specializes in games, resulting in an increase in the price of its currency SAND by more than 30%, after the co-founder and CEO of the platform, Sebastien Bourget, announced the signing of a memorandum of understanding with the Digital Government Authority. Within the Kingdom (DGA).
Burgit confirmed the Sandbox platform's aspiration to discover and provide advice, support and cooperation between the platform and the government agency in the Kingdom in exploiting metaverse technologies. The media did not publish additional details about the memorandum of understanding, which highlights the partnership, as Borget added that the disclosure of all information will take place during the next few weeks.
In the same vein, Sandbox is one of the pioneers of the metaverse technology, but it has had a difficult way through the cryptocurrency bear market, which has led to a drop in the price of its coin and a lack of adoption by the crypto community for the network.
On the other hand, the data still monitors the upward trend that the Sandbox platform has taken since 2022, according to its publication over the past month.
Sandbox confirmed its cooperation with 300 agencies and studios to prepare and broadcast brands within the platform, an increase of four times compared to the previous year.
The company added that more than 400 brands have joined the platform to take advantage of the new digital paradigm in achieving commercial goals by building a brand across the Web3 space and culture.
According to Crunchbase, the Sandbox platform has raised about $95 million in funding across four rounds in 2020 and 2021.
