Bears have taken the hold of the crypto market. As a result, the prices of many digital assets is going down. Whereas, cryptos dedicated to the metaverse niche are outnumbering the rest of the space in terms of greener numbers. Additionally, Facebook rebranding as Meta is adding enormous value to this segment. As a result, digital assets associated with the metaverse have grown dramatically in recent years.
The Sandbox is gaining ground in its efforts to disrupt the space. It strives to be a front runner in this digital space.
What is Sandbox (SAND)?
Sandbox is emerging as one of the prominent players in this space. And its native token SAND has risen in value as a result of Facebook’s announcement of its move into the Metaverse. The Sandbox has made significant contributions to the NFTs. And the platform has also received major funding. The trade volume of Sandbox is also rising constantly.
The emergence of the gaming business is well-known. According to analysts, there are over 3 billion games in the world and counting. A typical gamer spends around $150 each year on gaming. As a result, various cryptocurrencies are contending for their fair share.
The Sandbox is a blockchain-powered virtual environment where users can play, create, purchase, sell, and monetize their gaming experiences. The platform’s main goal is to unleash gamers’ creativity by allowing them to design the platform of their dreams.
The Sandbox metaverse environment is built on the Ethereum blockchain and uses the Proof-of-Stake consensus method. The platform, on the other hand, has its native currency, SAND, which is a conventional version of the ERC-20 token.
The Sandbox metaverse facilitates LAND which is a digital piece of real estate. The idea’s main purpose is to allow game developers and producers to construct and sell their virtual experiences. The platform permits the players, in particular, to lease and stake out their LANDs. To make a purchase, SAND must be present in one’s wallet.
Factors behind the rise of SAND
For numerous traders and investors in the area, the rise of Sandbox is astounding. The reason behind the rise of SAND are as follows-
- The rise of Sandbox correlates with the rise of NFTs. NFTs are vital to the metaverse. On Sandbox, NFTs can only be traded with SAND, which directly impacts the value of the token positively.
- It has a mid-size market capitalization. Hence, it takes less investment for influencing the price of SAND as compared to bigger exchanges like Bitcoin and Ethereum.
- SAND has robust tokenomics. Tokenomics is the study of the economics of crypto tokens or cryptocurrencies. It entails primarily researching the factors that influence the demand and supply of tokens. Quality, distribution, and creation of crypto tokens are among the considerations.
- It has strong technicals that can help in a further surge of SAND.
- The platform is planning to introduce NFT avatars, De-Fi staking on layer-2 and play-to-earn efforts. Together, they may be able to power growth in the fourth quarter.
Future of Sand
The future of Sandbox/ SAND looks quite bright. The platform is focusing heavily on technological improvements and innovations that users are appreciating. With companies like Facebook, Epic Games, Ubisoft, EA Games and many more are moving towards metaverse, as a result, the demand for platforms like Sandbox is going up.
So, should you invest in SAND? SAND like other cryptocurrencies is an extremely volatile asset, making it riskier to invest in than other types of assets. Your risk tolerance and personal financial circumstances will determine if the SAND coin is a good fit for your portfolio. Before investing in any asset, you should conduct your research. Also, never put more money into anything than you can afford to lose.
Also read: Philadelphia 76ers’ Launch of NFT Collection