According to a Cointelegraph report, Sandbox and Saudi Arabia entered a partnership on February 7th to use their resources and expertise in the development of the metaverse. In a ceremonial event at the LEAP 2023 conference, the two parties signed a Memorandum of Understanding (MoU) for ‘exploring, advising, and supporting each other in activations of metaverse’. While there is no further press release on the terms of the agreement, both parties have been pursuing to advance the metaverse development. For instance, Sandbox has already partnered with popular names and brands, including Gucci, Time, Atari, HSCB, Warner Music Group, Snoop Dogg, etc.
The interest of Arab countries in the Middle East in Web 3.0 and the digital world, in general, is establishing the region as a crypto hub. Before the LEAP 2023 conference in Saudi Arabia, Abu Dhabi in the UAE became the location for the newly-launched blockchain association in the Middle East, Asia, and Africa. Furthermore, Dubai International Financial Center (IFC) has established a framework for crypto adoption that covers all recognized tokens in the region. The country also opened its first Non-Fungible Token (NFT) store on February 7th and released the framework for virtual asset providers.
Read more financial news here.
