Metaverse Narrative Accelerates As The Sandbox (SAND) Defies Crypto Correction This Week With 100% Rally
With the entire lineup of top ten cryptos printing red over the last seven days, a few outliers are defying the overall correction with considerable gains.
Catching the eye of the market lately is the metaverse sector of crypto, or coins that pertain to the blossoming virtual reality industry. Currently, it’s The Sandbox (SAND) that is pulling off the most parabolic growth, which is up a whopping 600% in the last 30 days at the time of writing, and 91% in the last 7 days.
The Sandbox is an Ethereum-based virtual world where users can build, own, and monetize their gaming experiences on the blockchain using SAND, the network’s utility token. The Sandbox also allows for the minting of your own non-fungible tokens (NFTs) which can then be uploaded to the marketplace or integrated into games or experiences.
Users can buy their own virtual land on The Sandbox in the form of LAND tokens, and then populate it with “ASSETS”, which are entities designed with the intention of providing content to various experiences. Multiple LANDs can be combined to form an "ESTATE".
SAND is currently number 3 on CoinGecko’s list of metaverse coins and number 41 in the entire crypto space overall.
Besides the general popularity and awareness of the metaverse, the Sandbox is also enjoying its own specific fundamental catalysts, potentially benefiting its price.
Earlier today, rumors of a partnership with clothing and apparel icon Adidas were confirmed when the company gave the Sandbox a shoutout on Twitter.
What Adidas plans on doing inside the Sandbox's metaverse (or "adiverse") remains unclear, but the market responded positively to the announcement nonetheless, giving SAND a 30% boost on top of an already red hot streak.
The Sandbox also has partnerships with big names like The Smurfs, Animoca Brands, Atari, and The Walking Dead.
SAND's market cap is currently at roughly $4.8 billion, making it about half the size of play-to-earn metaverse coin AXS of Axie Infinity, and about 20% smaller than virtual world Decentraland (MANA).
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.