So far the blockchain industry as a whole, and the metaverse market in particular, are off to a strong start to 2023. Indeed, the bear market does not seem to discourage the enthusiasm of institutional users for blockchain applications. A constantly rising interest, which confirms, to a certain extent, the growth prospects of this sector.
A first step of The Sandbox in the land of Saud
After a difficult 2022, The Sandbox is probably on the rise. The company announced on Tuesday, February 7, that it has signed a memorandum of understanding in the field of the metaverse with the Saudi Arabia Digital Government Authority (DGA).
The contours of the market have not yet been disclosed. But according to details provided by Sebastien Borget, the company’s boss, the agreement is essentially aimed at promoting the development and use of the metaverse in the Wahhabi kingdom.
“It is a real honor to enter into a partnership with the Saudi Arabia Digital Government Authority (DGA). The Sandbox looks forward to exploring, advising and mutually supporting the nation in Metaverse activations,” said Borget, in a LinkedIn post. The signing of this deal marks The Sandbox’s first partnership with Saudi Arabia.
The first of a long series ?
Although few elements have filtered on the real extent of this agreement, it could be the first of a long series. Indeed, the Arab country has embarked on a policy of diversifying its economy, which is heavily dependent on oil.
As part of this ambition, the digital economy should continue to play a significant role for Saudi Arabia. The country seems in any case to bet on it and does not skimp on the means. This explains why Saudi Arabia can host conferences like the LEAP Tech 2023 conference, held at the Riyadh Front Expo Center.
It is therefore reasonable to estimate that given Saudi Arabia’s enthusiasm for technology as a whole, partnerships typically focused on blockchain technology should continue to grow.
The metaverse industry should therefore benefit from Saudi Arabia’s growing interest in blockchain and its applications. We know that since 2020 at least, the country supports, through its Saudi Arabian Monetary Authority (SAMA), supports blockchain and crypto fintechs.
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