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Metaverse gets a boost in Saudi Arabia with The Sandbox partnership

The Sandbox and Saudi Arabia have announced the signing of a memorandum of understanding (MOU), hinting at a long-term metaverse collaboration between both entities.

The deal was signed at the Leap Tech Conference 2023 in Riyadh between the metaverse firm and Saudi Arabia’s Digital Government Authority (DGA). Borget Sebastien, Sandbox’s co-founder, described the partnership as a win for the metaverse industry.

“It was a true honor to sign our MOU partnership ceremony between The Sandbox and the Saudi Arabia Digital Government Authority (DGA) during the #leap2023 conference and we look forward to exploring, advising, and supporting each other in activations of the Metaverse,” Sebastien said.

Further details concerning the partnership were not disclosed during the conference, but pundits are predicting Saudi Arabia’s increased exploration of virtual worlds. There is a widespread belief that Saudi Arabia could mirror the United Arab Emirates (UAE) metaverse strategy.

Over the last few months, the UAE has taken the lead in the Middle East in terms of metaverse innovation. The Emirates of Dubai announced plans to create 40,000 metaverse jobs before the end of the decade, while the country’s Ministry of Economy launched a replica office in the metaverse.

Saudi Arabia’s latest deal with Sandbox could be poised to improve the digital economy of the oil-rich country through metaverse job creation and streamlining other government operations.

For Sandbox, the deal is another one for the history books, as the company has notched deals with Nike, Adidas, and other leading brands.

Metaverse moves are braving the chilling winter

In 2021, metaverse projects and associated tokens were at the peak of their powers, fuelled by the non-fungible token (NFT) craze and the pivoting of Big Tech firms like Facebook (NASDAQ: META) to the space.

Away from the highs, interest in the metaverse waned in 2022 following the massive slump in virtual currency prices, but despite the doldrums, developments continued to inch their way forward. The innovations in the space were carried on by governments worldwide, particularly in China and South Korea, with millions of dollars in funding being established for creators.

New research predicts a return of institutional investors in the space as the “crypto winter” begins to thaw. Experts claim that several trends will influence the direction of the metaverse in 2023, including its usage in marketing, payments, merging with 5G, and the rise of the corporate metaverse.

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