What’s Making The Sandbox (SAND) Price Skyrocket Over 20%?

With the growing craze of metaverses, countries are globally competing with one another to become the next “metaverse hub”. After the United Arab Emirates recently showed interest in building its own metaverse, Saudi Arabia has also come forward to take part in this crypto bandwagon. Both these countries, over the past few years, have been exploring policies and investments linked to cryptocurrencies, Web3, and the metaverse.

Sandbox Collabs With Saudi Arabia

According to the latest news, Metaverse gaming platform The Sandbox and Saudi Arabia have signed a memorandum of understanding to collaborate on building diverse metaverse projects. Sebastien Borget, co-founder and Chief Operating Officer of Sandbox took to LinkedIn to announce the news.

The Sandbox CEO was quoted as saying:

It was a true honor to sign our MOU partnership ceremony with Saudi Arabia Digital Government Authority (DGA) and we look forward to exploring, advising and supporting mutually each other in activations of the Metaverse!

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Borget and the Saudi Arabian DGA signed the memorandum while they were in the capital city Riyadh for the Leap Tech Conference. And although, Borget was unable to disclose any other information regarding the arrangement with the distinguished middle-eastern country, he claimed that additional details would be provided in the weeks coming by.

Sandbox (SAND) Price Surges

Reacting to this recent announcement, the price of The Sandbox (SAND) moved to $0.88 at the time of composition. And, according to the crypto market tracker published by CoinGape, this results in a growth of 17% over the past 1 hour, in contrast to a jump of 21% over the last 24 hours.

In 2021, the company successfully completed a Series B round of funding with a total of $93 million, which was led by SoftBank’s Vision Fund. Less than half a year later, the company was rumored to be attempting to secure an additional $400 million in funding, which would have given it a valuation of a whopping $4 billion.

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