The Sandbox (SAND) Jumps 20% After Partnering With This Major Studio
The Sandbox’s native token, SAND, rallied from eight-month lows on Thursday after the metaverse announced a partnership with Lionsgate Studios.
SAND jumped as much as 20% to $0.9715 after the announcement, although it eventually pared some gains to trade at $0.8647. The news helped SAND break a seven-day losing streak amid weakness in the broader crypto market.
Lionsgate is one of the largest independent studios in the United States, and owns properties such as Hellboy, Rambo, and The Expendables- which are now set to be featured in The Sandbox.
The metaverse will now set up an area dedicated to Lionsgate media properties, called “Action City.”
Lionsgate partnership brings more licensed interest in The Sandbox
Under the partnership, Lionsgate’s “Action City” will feature popular licensed properties belonging to the studio, as well as its long-time collaborator Millennium Films.
The Sandbox claims that the partnership makes Lionsgate the first major Hollywood studio to enter the metaverse. But it is far from the metaverse’s first prolific partnership.
The virtual platform features content from Adidas, Snoop Dogg, The Smurfs, and has also sold land to major firms such as HSBC.
No financial details of the Lionsgate agreement were revealed.
The Sandbox, which is owned by blockchain gaming giant Animoca Brands, is reportedly looking to raise capital at a valuation of over $4 billion.
Can metaverse interest overtake a crypto crash?
The Sandbox and its peers have seen a drastic decline in token prices this year, as crypto markets crashed. But their backing by an established metaverse, especially for The Sandbox and peer Decentraland, may give them better prospects than their smaller peers.
During times of rising inflation and high interest rates, investors usually look at projects with a tangible product or service- something The Sandbox and most of its metaverse peers can attest to.
This may give SAND some resilience against ongoing ructions in the crypto market. Still, the token has lost about 85% of its value in 2022.
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