SAND Shoots 300% Past $3 As NFT Gaming Firm Sandbox Secures Major Investment

By Bhushan Akolkar
Published November 2, 2021 Updated November 2, 2021
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SAND Shoots 300% Past $3 As NFT Gaming Firm Sandbox Secures Major Investment

By Bhushan Akolkar
Published November 2, 2021 Updated November 2, 2021

NFT gaming platforms continue to be one of the most trending topics in the crypto landscape. On Monday, November 1, Hong Kong-based NFT gaming platform secured a fresh $93 million funding led by giants like SoftBank.

The Sandbox gaming platform allows users to build a virtual world like Facebook’s metaverse using non-fungible tokens (NFTs). This is a classic blend catering to the future of virtual digital gaming and the use of digital assets like NFTs.

The Sandbox gaming platform is based on the Ethereum blockchain allowing players to entirely “build, own, and monetize” their gaming experience. Sandbox also provides tools to players to create assets on the platform and allows creators with ownership as NFTs.

Blockchain gaming developer Animoca Brands, a popular player in this space, own a majority of the share in Sandbox. This is the first investment by SoftBank’s Vision Fund 2 in a company that issues its native cryptocurrency.

The Sandbox (SAND) Price Rally

Ever since Facebook’s Meta announcement last week, Sandbox (SAND) has participated in the mega rally along with other metaverse-linked cryptocurrencies. On late Monday, the SAND price skyrocketed to its all-time high of $3.25.

As of press time, SAND is trading 53.26% up at a price of $2.56 with a market cap of $2.28 billion. On the weekly chart, SAND has gained more than 300% with its price multiplying 4x.

The rally comes as Sandbox announced major partnerships with popular brands and celebrities. Sandbox has also partnered with popular rapper Snoop Dog who has promised to create a digital replica of his mansion in Sandbox’s metaverse.

Sebastien Borget, chief operating officer and co-founder told Reuters that the recent investment will fuel growth in Sandbox’s creator’s economy. This will also help the platform expand its wings to other sectors like architecture, fashion, and virtual concerts. Borget further added:

“We are creating this open metaverse. We are positioning the Sandbox against those giant tech companies who are claiming the metaverse to be theirs, offering an alternative where users are first”.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
895 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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