The Sandbox Soars 24%, Leading Metaverse Token Rally
Several metaverse-related tokens are flying high on Wednesday, with The Sanbox's SAND posting 24% gains over the day.
SAND, the native token of the metaverse gaming platform The Sandbox, is leading the crypto market after surging to a three-month high of $0.93 on Wednesday morning.
Despite a slight drop to $0.90 by press time, SAND has still risen a whopping 25% over the past 24 hours, data from CoinGecko shows.
The token was changing hands around $0.70 on Tuesday before the news broke that The Sandbox signed a memorandum of understanding (MOU) with the Saudi Arabia Digital Government Authority (DGA).
“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,” Sandbox co-founder and COO Sebastien Borget tweeted 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, and we look forward to exploring, advising and supporting mutually each other in activations of the Metaverse pic.twitter.com/mTBYqlwvUa
The Sandbox is a virtual gaming world where players can build, own, and monetize their gaming experiences. It originally used the Ethereum blockchain for both its native SAND tokens and non-fungible tokens (NFTs) before transitioning to Polygon in a move intended to enable faster and cheaper gas transactions.
The exact details of the agreement between The Sandbox and the Saudi Arabian government remain scarce, however; and MOUs are not necessarily legally binding, rather signaling the two parties’ intent for a broader agreement in the future.
The Sandbox didn’t immediately respond to Decrypt’s request for comment.
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