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Highlights
- The metaverses of Decentraland and Axie Infinity are major competitors to The Sandbox metaverse
- The SAND token has lost value in 2022, but this is the case with almost all top cryptocurrencies
- Adidas is using The Sandbox metaverse services, and if more brands come, SAND may benefit
After dipping in the wake of the Ukraine crisis, most cryptocurrencies have quickly rebounded. Bitcoin is up nearly 10 per cent over the past 24 hours, which shines the light on how unpredictable cryptos can be.
As we know, the cryptocurrency universe may be led by BTC, which has a share of almost 42 per cent in the overall market cap, but altcoins are also fast catching up. Altcoins are linked to a specific project, for example, ETH is linked to Ethereum and AXS to Axie Infinity.
A project may relate to metaverse, decentralized finance or other sub-sectors, which are all underpinned by blockchain. Metaverse tokens are in the limelight, thanks to big names like Facebook and Samsung thronging the space in different capacities.
In this light, let’s know more about a high market cap metaverse token The Sandbox.
What does The Sandbox project do?
The Sandbox is primarily a blockchain-powered game, which has its own native token SAND. On its website, the project claims to offer a slew of services including the creation of games, a marketplace to trade virtual assets, and animation.
The Sandbox, thanks to its virtual reality world, is categorized as a metaverse token. Its fictional world consists of land parcels, a maximum of 166,464 such parcels. Users can create their personalized world on these lands, including games and houses.
The land is in the form of a non-fungible token (NFT), which adds to the appeal of The Sandbox’s gaming verse. It is a typical ‘play-to-earn’ model-based cryptocurrency project.
Also read: What are CryptoPunk NFTs & which ones sold for the highest prices?
The Sandbox news
The project made headlines when SoftBank decided to invest in it in November 2021. Adidas, a popular sportswear brand, is also said to have purchased a piece of land in The Sandbox’s metaverse. It was in the news that even rapper Snoop Dogg is developing what is called ‘Snoopverse’ on The Sandbox.
The Sandbox’s SAND token
The SAND token is basically the governance token, which can be used to vote on governance issues of The Sandbox project. By this measure, SAND makes the project a decentralized autonomous organization (DAO). The SAND token is also used in transactions over the project.
Also read: What is My Neighbor Alice game & its crypto’s price prediction?
SAND crypto’s price prediction
The SAND crypto’s price in the near-to-medium term might depend on a range of factors. First, the aggregate market may have to defy the odds to regain the ground lost this year.
BTC is trading well below its all-time high price and so are many altcoins. Second, SAND is categorized as a metaverse token, which has many other high market participants like Decentraland (MANA), and Axie Infinity (AXS).
Also read: Decentraland, Axie Infinity & The Sandbox: Top 3 metaverse cryptos
SAND commands a market cap of over US$3.2 million as of now, with the per token price of nearly US$3. Though the SAND crypto has lost value so far in 2022, it was once priced over US$8 in November 2021.
The price may reach the same US$8 level, and even enter a double-digit trajectory, if metaverse tokens shine on the back of news like JPMorgan and Nike entering this virtual reality space to engage with customers.
Data provided by CoinMarketCap.com
Also read: Russia-Ukraine war: Possible impact on cryptos & can BTC prove utility?
As Snoop Dogg Joins Sandbox Metaverse: Let Us Look At The Sandbox Project
Bottom line
Cryptocurrencies have manifested extreme volatility this year, with most of them trading below their peak prices. SAND may gain, but for this, its metaverse will have to prove its potential, and more brands and amateur users must prefer it over other metaverse tokens.
