February 8, 2023

Saudi Arabia, Sandbox Ink Deal on Metaverse Cooperation

Saudi Arabia, Sandbox Ink Deal on Metaverse Cooperation Featured Image

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The Saudi Arabia Digital Government Authority (DGA) has inked a memorandum of understanding with metaverse giant The Sandbox to boost cooperation in the virtual space. 

The deal, which was signed during the LEAP 23 Conference, which started in Riyadh on Monday, set to close doors on Thursday, was announced by COO and co-founder of The Sandbox Sebastien Borget on Twitter. 

Borget said: “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.” 

According to Crypto Times, he pointed out that he could not provide any additional information about his company’s agreement with the Saudi government now, adding more details will be revealed within the coming weeks. 

Following the deal, the native token of The Sandbox, SAND, increased to $0.91 shortly after the announcement, a 27% hike compared to yesterday’s figures.

The LEAP 2023 conference is expected to attract more than 250,000 visitors from around the world this year.

The event also witnessed Meta’s announcement of its intent to set up the first metaverse academy in the MENA region in Saudi Arabia, a matter which shows competition between Riyadh and Abu Dhabi in cope up with the latest technology events like metaverse and Web 3.0.  

The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space, according to a study by Strategy&.

Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While the UAE came second with an expected share of $3.3 billion. The predicted figures reflect the two countries’ tremendous efforts to deploy the usage of the metaverse in their respective national program, the report noted.

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