The Sandbox (SAND) Signs Metaverse Partnership with Saudi Arabia
Metaverse platform The Sandbox (SAND) has entered into a collaboration agreement with the Saudi Arabian government, causing a significant surge in the price of SAND.
According to a LinkedIn post by The Sandbox COO Sebastien Borget, the project has secured a partnership with Saudi Arabia. The Sandbox team is currently in Riyadh, Saudi Arabia, attending the Leap Tech Conference.
While Borget did not disclose specific details of the agreement, he indicated that more information will be shared in the coming weeks.
Nonetheless, this announcement was enough to propel the price of The Sandbox’s SAND token up by 30%, making it one of the most notable cryptocurrencies in the past 24 hours.
1h Chart of SAND/USDT on Binance at 08:25 AM on February 8, 2023
The Sandbox is a well-known metaverse project in the crypto space, which saw significant investment during the height of the metaverse boom in late 2021.
The project raised $93 million from SoftBank in November 2021 and was valued at up to $4 billion at its peak.
Since then, The Sandbox has established partnerships with numerous major brands and organizations, including adidas, Warner Music, Gucci, HSBC, DBS, TIME magazine, Playboy, and the Dubai government.
In January 2023, the price of SAND rose by 90% in line with the broader cryptocurrency market recovery and in anticipation of a $270 million token unlock event in February.
