A new Web3 collaboration has just been born between Saudi Arabia and The Sandbox metaverse. The MOU — a non-binding agreement that states both parties’ intentions for future metaverse development — was signed on Tuesday at the Leap 2023 Conference in Riyadh, Saudi Arabia.
A ceremony was held at the conference to acknowledge the partnership between the Saudi Arabia Digital Government Authority (DGA) and The Sandbox for the purpose of “exploring, advising, and supporting” each other’s metaverse development in the years to come.
Although no details about the two entity’s specific plans have been released, the partnership will likely lead to future Web3 projects between the popular gaming metaverse and Saudi Arabia — a country that’s been bullish on Web3 for some time now.
On February 2nd, the Sandbox’s native token $SAND reacted positively to the announcement, rising impressively from $.70 to $.93 in just one day.
The Sandbox is a game that lets players buy, sell, and develop plots of virtual LAND. Despite its popularity and moves to onboard major brands, companies, and celebrities into its ecosystem, it currently faces steep competition from other metaverses like Decentraland, as well as game makers such as Roblox and Minecraft.
The Leap 2023 tech conference occurred as the Middle East continues to emerge as a major hub for Web3 technology in the world. In November, Abu Dhabi of the United Arab Emirates was chosen as the location for the Middle East, Asia, and Africa blockchain association. Currently, the Saudi Arabia government is looking into the possibility of a central bank digital currency.
Countries Around the World Are Warming up to Web3
Saudi Arabia partnering with The Sandbox is big news for Web3 and metaverse fans. But Saudi Arabia is far from the only country we’ve seen turn bullish on Web3. At Rarity Sniper, we’ve written dozens of articles about countries around the world investing in Web3, metaverse, and NFT technologies.
Listed below are some of the top headlines from recent months:
- Thailand to Boost Tourism with NFT Experience
- Tuvalu Turns to Metaverse to Escape Climate Change
- Japanese PM Kishida is Bullish on Web3 & the Metaverse
- UAE Launches Metaverse City with Multiverse Labs
- South Korea to Invest $186.7 Million in the Metaverse
- Indonesia to Launch National Crypto Exchange in 2023
Many countries are optimistic about what Web3 can do for their nations and citizenry. From boosting tourism, creating Web3 jobs for local people, to — in the case of Tuvalu — using metaverse technology to preserve a culture before the island-nation succumbs to the ravages of climate change.
We’ll have to be patient to see what Saudi Arabia and The Sandbox plan to do in the metaverse in the months and years ahead. At Rarity Sniper, we’ll be looking out for any new developments in the story.