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The crypto market has been in a recession during the past few weeks. However, some coins have been making notable gains, especially those that offer a metaverse experience. These coins have been making bullish gains, and some are still creating new all-time highs.
One of the tokens that are finding a unique place in the metaverse is SAND. SAND is the native token for The Sandbox project. This project is one of the few that offer advanced offerings related to the metaverse.
In a month, SAND tokens have gained by more than 700%. The token is currently trading at an all-time high price of $6.90, and in just a week, it has gained more than 100%. It is still breaking past new all-time highs, and it is likely to create a new record high soon.
The Sandbox is currently on a bullish rally because of the gains taking place across the broader market regarding metaverse projects. Here are the top 5 reasons why SAND is surging:
1) The Alpha launch event
The Alpha launch event is slated to happen on November 29, and this is a major catalyst for the recent bullish gains in the SAND token. This is an event aimed at bringing The Sandbox project into the metaverse. The project is expected to be a major contributor to the metaverse, given that it has been looking into this field for the past 4 years.
The Alpha event will be launched as a giveaway where up to 5000 random players will be selected to earn up to 1000 SAND tokens, which is equivalent to around $6680. The giveaway will also include 3 non-fungible tokens (NFTs) that will give users access to all the 18 virtual experiences on The Sandbox.
With the metaverse becoming a mainstream concept that has seen adoption from top technological institutions such as Facebook and Microsoft, launching this event will increase utility for SAND tokens because people can now use these tokens to buy and sell virtual items on The Sandbox virtual world.
2) Speculated partnership with Adidas
In addition, there is also the speculated partnership between The Sandbox and popular clothing brand Adidas, which could contribute to more gains for the SAND token. As one of the most renowned clothing brands, partnering with The Sandbox could contribute to notable gains for SAND.
Adidas, a German sportswear manufacturer, has announced that it will be joining the metaverse by buying a piece of land on the Sandbox. However, the brand is yet to announce what it will be using the piece of land for.
In a recent tweet, the firm asked its followers what to build on The Sandbox virtual space. There are many use cases for virtual spaces on The Sandbox. They can be used to allow creators to mint their assets using a 3D-modelling and animating tool. Moreover, a brand can then sell these animations as non-fungible tokens (NFTs).
Therefore, Adidas can use land bought on The Sandbox to build a shop that will sell NFTs in their 3D form for use in the virtual world.
Following this announcement, SAND has made a strong upward trend, creating a new all-time high. The gains made by the token are some of the largest in the market compared to other ones such as Bitcoin and Ethereum.
3) Buyer interest is high
One of the strongest factors that have been attributed to the recent bullish rally by the SAND token is the growing buyer support. Buyers are fighting to grab metaverse coins because they are among the few coins that have been rallying.
The crypto market has been in a recession lately, pushing many coins towards the red zone. Bitcoin’s dip to $56K has not shown any strong signs of recovery, but this has not deterred buyers from turning their attention towards assets that are making remarkable price movements.
Currently, metaverse coins are the only ones showing strong signs of price gains, making these buyers look towards these coins. SAND is enjoying enormous trading volumes across the crypto market. Its trading volumes on Binance are at over $1.8 billion. The total trading volumes on all exchanges come in at $6.1 billion, showing that investors are interested in the token.
If the broader market fails to show any signs of recovery, this buyer support could be exhausted. However, if there is a recovery, SAND could be headed towards major highs, and its market capitalization will continue exhibiting success.
4) The Sandbox is making strategic partnerships
The gains made also come at a time when The Sandbox is making strategic partnerships. The firm recently announced that it would partner with Request Finance. This partnership will allow the easy conversion of fiat into crypto, which will make it easy for users to transact on The Sandbox.
Moreover, less than a month ago, The Sandbox raised a $93 million investment in a funding round led by Softbank. The platform announced that these funds would be used to support the growth of the Metaverse platform. Moreover, the funding also saw the participation of leading firms in the crypto sector and the financial sector.
Following this funding round, The Sandbox started to attract much attention because it demonstrated potential, which venture capital firms and other institutions were looking to exploit. Therefore, this funding round was the starting point of the gains that have been made by SAND tokens so far.
5) The boom of the metaverse
Last but not least, SAND tokens are witnessing major price gains because the metaverse is attracting attention across the entire tech sector. The gains made by tokens offering a metaverse experience started after Facebook announced that it would be rebranding into Meta.
Other top firms have also announced their own plans to join the metaverse, including Microsoft and Nike. With attention turning towards this sector, the SAND token could witness major price gains in both the short-term and the long term.
The metaverse concept is still young, and it has places to go before it can become a mainstream concept. However, The Sandbox has been looking into it for over four years, meaning that if they are to develop it, it is poised to show major gains and many developments, which is a positive sign for the gains.
Many brands are looking to have a metaverse experience, and with The Sandbox having something that has already been established, there could be notable gains that could come from it. Moreover, given that it has attracted a major brand such as Adidas, it could also see others seek to invest and build on it, which will boost utility for SAND tokens.
To learn more about this project visit our Investing in the Sandbox guide.
The SAND token is on a strong bullish rally that has held ground over the past month. The coin’s gains come as all metaverse coins show bullish gains because of what has been happening across the entire market. Reputable firms such as Facebook and Microsoft now have announced plans to have metaverse offerings.
With the SAND token Alpha launch expected to happen in less than a week, the token could continue seeing notable gains for the long term. Moreover, if it sees more platforms building on The Sandbox, more gains could be formed.