the Metaverse Hub market
Nations are vying to become the next location for this new digital realm as the trend of metaverses continues to increase. Both the United Arab Emirates and Saudi Arabia have stated an interest in creating their own metaverses, and both countries are looking into regulatory and financial options related to cryptocurrencies, Web3, and metaverse.
Saudi Arabia is creating a metaverse.
A memorandum of agreement was signed between The Sandbox, a metaverse game platform, and Saudi Arabia’s Digital Government Authority to work together on different metaverse initiatives. Frederic Borget, the CEO of The Sandbox, expressed his enthusiasm for the collaboration and promised that more information will be released in the upcoming weeks.
Growing Interest in The Sandbox (SAND)
Demand for SAND, the token used by The Sandbox, has increased as a result of the new partnership with Saudi Arabia. According to CoinGape, the price of the token has increased by 17% over the previous hour and by 21% over the past 24 hours. SoftBank’s Vision Fund led a $93 million Series B investment round for The Sandbox in 2021. There have also been claims that the business is looking for $400 million further in capital, which would value it at $4 billion.