The Sandbox is one of the most popular metaverse platforms currently in existence today. It’s native crypto token, $SAND, has seen meteoric growth in recent weeks and in this article we wanted to have a look at why.
First, a bit of background about The Sandbox. Sandbox was developed as a mobile and PC game. In 2018, prominent Metaverse investment firm Animoca Brands acquired the rights to the game and relaunched it on the Ethereum Blockchain. If you haven’t experienced The Sandbox think of it as a virtual world, where you can participate in activities or create your own universe. It has a similar feel to Minecraft.
The popularity of The Sandbox, and the increased price of $SAND, likely relates to the following:
The network effect – As more people are interested in the metaverse, interest only continues to increase. The Sandbox has over 500000 registered wallets for users 12000 virtual landowners using the platform. This growth and popularity only encourage others to get involved.
Successful fundraising – Animoca Brands have recently been able to finish a $93 million fundraising round. Further, they’ve been able to get celebrities like Snoop Dogg to engage with the platform. This has created media hype and further widened interest in the platform and encouraged investment in the crypto token
The upcoming Sandbox Alpha Event – Animoca Brands have an upcoming Play to Earn Event, Sandbox Alpha. This has encouraged interest in the $SAND crypto token as those looking to participate and realise their profits look to engage with the platform.
Recent announcements from Facebook – With Mark Zuckerberg’s recent announcements about the metaverse, including rebranding his company to Meta, this has further widened interest in other metaverse platforms, and goes some of the ways to explaining interest in The Sandbox and $SAND.
Whilst interest in the metaverse is growing, and the potential for Web 3.0 platforms is undeniable, some analysts suggest $SAND may be overbought at this stage and you should be careful of buying $SAND purely for investment purposes.
This article is written purely for information and entertainment purposes and should not be considered financial advice. Investing in cryptocurrency can be highly volatile and you should not invest more than you could afford to lose. This article does not take into account your own personal circumstances. Please seek independent financial advice and do your own research.