Momentum in the Metaverse has been revived. The Digital Government Authority (DGA) of Saudi Arabia and The Sandbox have agreed on a preliminary partnership agreement for a future project.
Significant metaverse momentum that had been created all through 2021 was put on hold in 2022 when bear market conditions took hold. Nonetheless, 2023’s first 30 days have been promising, and several formerly active crypto fields are experiencing a revival.
The Sandbox Gets a Fresh Start
Sebastien Borget, the co-founder and COO of The Sandbox, announced the news on Thursday in a post on LinkedIn. He stated that it was a genuine honor to sign the MOU partnership ceremony between The Sandbox and the Saudi Arabian Digital Government Authority (DGA) during the #leap2023 conference. He also added that they were looking forward to researching, guiding, and supporting one another in Metaverse activations!
Memorandums of Understanding, or MOUs, are regarded as the first legally binding agreement in transactions of this kind. They typically signify intent to sign a larger agreement while defining its boundaries and scope. Beyond Borget’s announcement, extremely little is known about the cooperation, especially in terms of scope and scale. This leaves viewers with much more queries than answers.
Flow in the Metaverse
The announcement by Borget was delivered at the LEAP Tech Conference in Riyadh, Saudi Arabia, at the Riyadh Front Expo Centre. This is the first meaningful collaboration from a significant metaverse participant in recent memory, including Decentraland, The Sandbox’s main competition.
Even while there has been a lull in activity in the metaverse arena, it is by no means dead. If the market is actually shifting, this cooperation might be the first foundation of momentum for more to follow.
Since The Sandbox collaborated with Playboy in the middle of last year, there has not been any interesting activity from either big metaverse competitor until this news. To truly indicate a shift in the momentum, much more will be required beyond this single deal, particularly one of such unknown magnitude.