The Sandbox, a leading decentralized virtual gaming world and subsidiary of Animoca Brands, e the Virtual Assets Regulatory Authority (VARA) of Dubai have announced the acquisition by VARA of a plot of land (LAND) in The Sandbox. VARA is the first virtual goods regulator to establish an official presence in the metaverse and will build its MetaHQ headquarters in The Sandbox to reflect the UAE’s commitment to the new economy, demonstrating confidence in the safety and sustainability of Web3 ecosystems.
MetaHQ will provide a hub for Virtual Goods and Services Providers (VASPs), industry leaders and international regulators to come together and develop their projects in an integrated way. The partnership can kick-start the conception of a community of local creators and builders to train talented people to use The Sandbox’s free tools for creating experiences in the metaverse. VARA will also communicate the agreements considered for commercial licenses that see The Sandbox as a potential platform to collaborate with to establish a presence in the metaverse.
Lhe new partnership also makes The Sandbox the first metaverse with the presence of a regulatory headquarters. This adds a key industry to an already diverse metaverse that is home to numerous brands and IPs spanning various industries: fashion, video games, culture, finance, retail and entertainment.
“We are excited to participate in the initiative of the Virtual Assets Regulatory Authority (VARA) of Dubai, which affirmed the need to be at the forefront of innovation by becoming the first regulatory body in the open metaverse”, said Sebastien Borget, COO and co-founder of The Sandbox. “The Sandbox aims to provide a creative and responsible platform to enable anyone, be it an artist, creator, company or investor, to truly own their IP and monetize their assets in a decentralized virtual world. Our priority is to provide an open stage for talent at the heart of the future society, bringing together entertainment, media, video games, fashion, technology, finance and more. Dubai’s VARA MetaHQ is an important signal from the global virtual assets sector that the UAE is ready to play an important role in supporting its secure growth. We are proud to be the first metaverse platform chosen by Dubai, which brings together Government and businesses to experiment together the possibilities offered by the Web3 in an attempt to create a new sustainable economy ”.
The Sandbox fully embraces the idea of the metaverse as a shared digital space. VARA si unisce a oltre 200 partnership esistenti tra cui Warner Music Group, Ubisoft, The Rabbids, Gucci Vault, The Walking Dead, Snoop Dogg, Adidas, Deadmau5, Steve Aoki, Richie Hawtin, The Smurfs, Care Bears, Atari, ZEPETO e CryptoKitties, all united in following The Sandbox team’s vision of enabling players to create their own experiences using both original and famous characters and worlds.