The steps towards the metaverse in the Middle East continue and in this context a Memorandum of Understanding (MOU) has recently been signed between The Sandbox (SAND) and the government of Saudi Arabia.
This development is a great success for The Sandbox, as it opens up a great opportunity for further development of an emerging industry such as Web3 and Metaverse.
According to Sebastien Borget, co-founder and CEO of The Sandbox, a Memorandum of Understanding has been signed with the Saudi Arabian Digital Government Authority (DGA) to “explore, advise and support” each other in developing activities in the Metaverse.
Although there is no detailed update on the agreement, both parties show great interest in Web3 and are looking for new ideas, innovations and use cases in relation to their areas of expertise.
Several partnerships for The Sandbox
The Sandbox has worked with some of the biggest names both inside and outside the Web3 space, including Snoop Dogg, Gucci, Tim, Atari, HSBC and Warner Music Group, among others.
Hub for emerging technologies
The Middle East continues its drive to establish itself as a hub for emerging technologies. Last November, Abu Dhabi, in the United Arab Emirates, was chosen as the location for the newly established Middle East, Asia and Africa blockchain association.
Previously, the Dubai International Financial Centre established a cryptocurrency regime to apply to all tokens recognized in the zone.
The city is a long-standing beacon of regional innovation in terms of the Web3 space. In addition, it opened its first store for NFTs on February 7, while regulations for virtual asset providers were released.
In research conducted by KuCoin last July, it was revealed that Saudi Arabia is an important market for digital currency adoption due to local regulations. The government is currently researching the potential for a digital currency central bank.
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