Saudi Arabia Reaches a Deal with The Sandbox for Future Metaverse Plans

According to reports, this noteworthy partnership between Saudi Arabia and The Sandbox could pave the way for new frontiers in the metaverse.

The Sandbox signs an MOU with Saudi Arabia’s Digital Government Authority

As metaverse development continues to be a key focus in the Middle East, Saudi Arabia’s Digital Government Authority (DGA) recently signed a memorandum of understanding (MOU) with The Sandbox to further cement its position in Web3.

The Sandbox is a decentralized virtual world where players can create, share, and monetize their own gaming experiences. According to Sebastien Borget, CEO and co-founder of The Sandbox, this exciting partnership was inked during the Leap Tech Conference in the Saudi capital of Riyadh on Tuesday.

“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,” wrote Borget in a tweet. “We look forward to exploring, advising, and supporting mutually each other in activations of the Metaverse.”

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 pic.twitter.com/mTBYqlwvUa

— Sebastien 🏞 (@borgetsebastien) February 7, 2023

While the extraordinary deal has attracted a fair share of interest from Web3 enthusiasts, little has been disclosed on the scope of the MOU. Borget told The Block by email that he could not reveal anything further about his company’s agreement with Saudi Arabia, though more details will be available in the coming weeks.

In the Middle East, Saudi Arabia and the United Arab Emirates are no strangers to pursuing policies and investments related to cryptocurrency and Web3. Last September, Saudi citizens celebrated the country’s national day for the first time in the metaverse. Following that, the UAE Ministry of Economy announced a new virtual headquarters, with Dubai’s International Financial Centre (DIFC) recently taking the same approach.

In a survey conducted by KuCoin last year, Saudi Arabia was revealed to be a significant market for crypto adoption due to local regulations. The government is now researching the possibilities for a central bank digital currency.

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