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Metaverse momentum has found a new beginning. The sandbox has signed a first partnership agreement with the digital governmental authority (DGA) of Saudi Arabia around a scope still to be determined.
2022 slowed down a major shift in metavers that continued through 2021, as market downturns took hold. However, the first 30 days of 2023 have begun strong, and there are a number of crypto niches once activated that find a fresh life.
There's a new life in the sandpit.
In a LinkedIn post that was published on Thursday, The Sandbox COO and co-founder Sebastien Borget broke the news, stating that it was “a true honor to sign our MOU partnership ceremony between The Sandbox and the Saudi Arabia Digital Government Authority (DGA) during #leap2023 conference, and we look forward to exploring, advising and supporting mutually each other in activations of the Metaverse!”
MOUs, or MOUs, are regarded as the first binding agreement of its kind – usually indicating the intention to sign a broader agreement, setting out the terms of reference and scope of this agreement.
Little is known about partnership beyond Borget's statement, especially in terms of scale and reach, leaving viewers with more questions than answers.
Sandbox looking for a breath of fresh air to kick off 2023. | Source: SAND-USD on TradingView.comMetaverse Momentum
The announcement of Borget took place at the LEAP Technical Conference at the Riyadh Front Expo Centre in Riyadh, Saudi Arabia. This is the first partnership of note that we've seen from any major player in recent times, including the largest decentralized sandbox competitor.
Whereas the space of the metaworms was calm, That's not dead by a long shot, and this partnership could be one of the first pillars of future momentum if the marketplace really changes. Before this news, we haven’t seen much noteworthy from either major metaverse competitor since mid-year last year, when our team covered The Sandbox’s partnership with Playboy.
However, it will take much more than this single transaction – particularly with unknown scope – to signal a true dynamic shift.
