The Sandbox, a decentralized gaming virtual world, has announced that it officially partners with Saudi Arabia Digital Government Authority (DGA) during the Leap Tech Conference, according to a LinkedIn post shared on Tuesday by Sebastien Borget, co-founder and COO of The Sandbox.
Following the announcement, The Sandbox’s native token – SAND gained about 30% in price from $0.7071 to a high at $0.9280 within a couple of hours. The token is one of the top 45 crypto assets by market cap.
Sebastien Borget added:
“We look forward to exploring, advising and supporting mutually each other in activations of the Metaverse,”
Besides the partnership with Saudi Arabia, Sandbox’s unlock will take place on February 14, which is another reason why SAND token price has bee surging since the start of 2023. For those who are not familiar with token unlocks – it is essentially adding more tokens to the supply.
In the run-up to the release of more supply, token unlocks, which are typically viewed as bearish occurrences. However, it doesn’t seem to be having much of an impact on the price of The Sandbox’s SAND token. According to Token Unlock, the project will distribute 12% of the token’s supply, or around $273 million worth of SAND, to seed and strategic investors.
What is Sandbox (SAND)
The Sandbox allows participants to build virtual worlds using non-fungible tokens (NFTs) on the Ethereum network. Players can create their avatars and enter The Sandbox metaverse’s various games, settings, and social hubs. The Sandbox is a vibrant virtual environment that provides users with a platform for creative expression. Players can make their own NFTs, such as avatars, virtual goods, and games, using VoxEdit and Game Maker. Visit here to learn more about The Sandbox and SAND token!
As the token unlock is coming up, I am excited to see if the price of the SAND token will surge again. Or would it be like the Ethereum Merge that has a lower price after a major event? Let’s keep an eye on it!
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