Here’s why the Sandbox cryptocurrency is on the rise today! – Mag Mirror





What happened ?

Over the past 24 hours, the price of crypto-currency The Sandbox (SAND 5.05%) rose nearly 5% at 12:07 p.m. ET today, after Dubai’s virtual assets regulator said it plans to place a virtual seat in the Sandbox metaverse.

Consequences

The Sandbox is a virtual game world running on the Ethereum blockchain network, where users can create non-fungible tokens (NFTs) for use in the virtual world.

Today, the Virtual Assets Regulatory Authority (VARA) of Dubai, which seeks to promote Dubai as a leader international for virtual assets and to develop a digital economy in Dubai, announced that it plans to establish a metaverse headquarters in the Sandbox.

VARA’s acquisition of land in the Sandbox is symbolic of our faith in this sector, and it is incumbent upon us as a government to be the bridge that allows investors and consumers to safely and to collaboratively evolve the economy,โ€ said Helal Saeed Almarri, Managing Director of the Dubai World Trade Center Authority, in a statement regarding the announcement. On the same subject : This crypto explodes by +40%, and it’s not Bitcoin, nor Shiba Inu! Spoiler: The SushiSwap rally is just heating up!.

Mr. Almarri added: โ€œIn addition to the direct economic benefits and accelerated GDP for Dubai, VARA sees this as the first step towards sharing learning and developing expertise among global regulators, so that the international community can benefit from a virtual economy that has been allowed to develop in a safe and sustainable manner. ยป

What’s next?

For many cryptocurrencies, blockchain networks, or metaverse worlds, it’s all about adoption and legitimacy. The fact that VARA recognizes the Sandbox and chooses it as their headquarters can only mean that they consider it one of the leaders of space. On the same subject : Ripple’s recent victory against the SEC gives hope to its crypto XRP.

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Here’s why the Sandbox cryptocurrency is on the rise today! – Mag Mirror


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