- The Sandbox, an Ethereum-based gaming platform, has hit 500,000 registered wallets with over 12,000 unique landowners
- Led by SoftBank, The Sandbox recently completed a $93 million Series B round to advance its ecosystem
- The Sandbox has also announced partnerships with Snoop Dogg, The Walking Dead, Atari, and CryptoKitties
- SAND has topped the performance charts, gaining 210% and 60% after Facebook’s rebranding and The Sandbox’s funding round
The Sandbox is an Ethereum-based platform that describes itself as the Open NFT metaverse. In The Sandbox, players can build, own, and monetize their virtual gaming experiences.
Evolving from a mobile phone and Microsoft Windows game, The Sandbox now allows creators to own NFTs and offers tools to create assets on the platform. Although the metaverse recently became one of the hottest topics, The Sandbox has been around since May 2012. So, how has The Sandbox performed recently?
Recent Developments and Future Events
Hong Kong-based gaming and metaverse ecosystem The Sandbox recently announced the completion of a $93 million Series B funding round led by SoftBank’s Vision Fund 2.
True Global Ventures joined the funding round, contributing $10 million through its blockchain-focused 4 Plus fund. Other investors in the round include Liberty City Ventures, Galaxy Interactive, Kingsway Capital, and Blue Pool Capital.
The Sandbox will use funds generated from this round to boost the Sandbox creators’ economy. The gaming platform is looking to expand into fashion, architecture, and virtual concerts. Speaking in an interview, Sebastien Borget, the chief operating officer and co-founder of The Sandbox, explained;
"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."
Along with the announcement of its recent funding round, The Sandbox stated that it now has 500,000 registered wallets on the network with over 12,000 unique landowners. In addition, Sandbox also revealed that it now has $144 million in gross merchandise value.
The Sandbox has announced partnerships with brands and celebrities, including American rapper Snoop Dogg, who will create a digital replica of his mansion in the Sandbox’s metaverse.
Other partnerships were signed with the AMC TV series “The Walking Dead,” children’s cartoons “Care Bears” and “The Smurfs,” gaming brand Atari, and non-fungible token (NFT) collection CryptoKitties.
With the growing activity of its metaverse, The Sandbox has announced a new competition for The Walking Dead Game Jam. Entrants will use the Game Maker software to create the best post-apocalyptic game. The competition will run from November 8 through November 21, with over 100,000 $SAND & LAND prizes.
The sale of the Quan Land, a 6×6 estate, has also been concluded on the network. The land now belongs to AA47A4, who emerged as the highest bidder throwing in 84,426.0254 $SAND (~$221,000).
Prior to AA47A4‘s purchase in the Quan Land, there have been 188 unique buyers. In all, 250 LANDs have been sold on the map, with buyers paying a combined 619,950 $SAND (~$1.69 million).
The Sandbox was one of the biggest beneficiaries of Facebook’s rebrand. As Facebook changed its name to Meta, unveiling its plans of a metaverse, the price of The Sandbox (SAND) soared.
With the growing interest in the metaverse, SAND jumped by 210% between October 28 and October 30. As a result, SAND peaked at $2.142 after trading at $0.74 in the last 48 hours.
The price chart of SAND between October 28 and October 30. Source: Tradingview
SAND entered another rally after announcing its $93 million fundraising round led by SoftBank, gaining over 60% in the process in 24 hours. The rally helped SAND hit a new all-time high of $3.45 on November 3.
The seven-day price chart of The Sandbox (SAND). Source: Tradingview
At the time of this writing, SAND now trades at $2.5882 on the back of a 5% price drop over the last 24 hours. The Sandbox is ranked as the 69th largest project with a $2.29 billion market cap.
On The Flipside
- Despite being one of the earliest developers in the metaverse, experts have a different take
- Analysts believe that the metaverse will succeed if it is built around work rather than just games
The Sandbox is more than a project. It can be described as an ecosystem of projects consisting of play-to-earn games, an NFT builder, and a marketplace. The Sandbox is ranked as the project with the fourth most engaged community on social media.
Despite building an ecosystem, The Sandbox prides itself as a community-driven platform, evident by community participation. As projects built on user participation, The Sandbox and its communities are carried along and made to feel like part of the projects.
However, all these smaller communities are brought together by SAND, the ecosystem’s utility token that allows players to build, own, and monetize their gaming experiences. Delighted with the performance of SAND, @The3Antons, wrote:
Another holder, @ChadReddings, wrote on Twitter:
Excited about the growth of the ecosystem, @TuschayStudios, wrote:
Giveaways organized by community members and developers are also very common in the Sandbox. To celebrate The Sandbox Game party, Gutter Dan, the co-creator of @GutterCatGang, organized an NFT giveaway. He wrote on Twitter:
Gang gang!!— Gutter Dan (@gutterdan_) October 30, 2021
Happy #Caturday to all. To celebrate our @TheSandboxGame party tn I’m giving away this beauty of a dog 🔥
Entry is simple:
1️⃣ Follow @gutterdan_ & @guttercatgang
2️⃣ Like & RT
3️⃣ Tag someone
For brownie points, tell me why you should get him. Good luck! pic.twitter.com/8AlbTUk2CD
Why You Should Care?
Being one of the earliest developers in the metaverse gives The Sandbox an added advantage as the concept of the metaverse gains mainstream adoption. Its recent funding round will also support the development and expansion of its ecosystem, increasing its advantage.