By Michael Scott
The Ethereum-based gaming platform The Sandbox has announced a partnership with the Digital Government Authority (DGA) to pursue more opportunities in the metaverse ecosystem.
At the ongoing Leap Tech Conference 2023 held in Riyadh, the new partners entered a memorandum dated February 7.
Sandbox Partnership with Saudi Arabia Authority
Web3 and NFT projects have gained popularity in the Middle East, inspiring regulators to seek partnerships with key players in the crypto realm. The Saudi’s authority and the Sandbox have joined hands to improve Web3 activities in the region.
The Sandbox co-founder Sebastien Borget updated the LinkedIn community on February 7 after signing a memorandum with the Saudi government. Borget revealed that the partnership aims at complementing each other towards improving the metaverse ecosystem.
The MoU was penned down at a global tech event attended by over 100000 tech developers across the globe held in Riyadh.
Meanwhile, Borget failed to disclose further information regarding the partnership. He assured the curious metaverse community to unveil the scope of the partnership agreement within a short period as negotiations are still ongoing.
Sandbox Achievements
Undeniably, Sandbox technologies have revolutionized the metaverse ecosystem gaining global recognition among institutional investors and consumers. Its popularity is drawn from the unique category that motivates beginners in the metaverse space to develop their virtual worlds within the Web3 game.
Besides Sandbox innovations in the metaverse world, the company collaborated with SoftBank Vision Fund to generate over $93M in 2021. Last year, Sandbox geared towards raising over $400M at a valuation of $4B.
Crypto Adoption in UAE
Elsewhere, countries in the Middle East have focused on developing crypto-friendly regulations. In September last year, the Kingdom of Saudi changed the leadership of its central bank, attempting to push high crypto adoption.
Mohsen AlZahrani, Accenture’s ex-official, was appointed head of central bank digital currency (CBDC) and mandated to oversee the running of the crypto project within the Kingdom. In his address, the former official expressed confidence in widespread adoption of CBDC across Europe.
Before this, Dubai launched a grand metaverse project to create over 40000 employment opportunities and generate $4B within the next five years.