Metaverse momentum has found new life. The Sandbox has signed an initial partnership deal with Saudia Arabia’s Digital Government Authority (DGA) around a yet-to-be-determined scope.
2022 brought a damper to major metaverse momentum that was built throughout 2021, as bear market conditions took over. However, the first 30 days of 2023 have started off strong, and there a number of once-active crypto niches that are finding fresh life.
The Sandbox Sees New Life
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 memorandums of understanding, are considered the first binding agreement of deals of this nature – generally signaling intent for signature for a broader agreement, while establishing the parameters and scope of such an agreement.
Little is known of the partnership beyond Borget’s statement, particularly with regards to scale and scope, leaving spectators with more questions than answers.
Metaverse Momentum
Borget’s announcement was made the at LEAP Tech Conference at the Riyadh Front Expo Centre in Riyadh, Saudi Arabia. It’s the first noteworthy partnership we’ve seen from any major metaverse player lately, including The Sandbox’s primary competitor Decentraland.
While the metaverse space has been quiet, it’s far from dead, and this partnership could be an early pillar of momentum for more to come if the market is indeed changing tides. 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 a lot more than just this one deal – especially with an unknown scope – to signal a real change in momentum.
