Why is The Sandbox (SAND) crypto rising?

Image Source: © Ideaice | Megapixl.com

Highlights:

  • The Sandbox is the fourth-largest metaverse project by market capitalization.
  • The project was founded by Pixowl in 2011.
  • SAND is the utility token to facilitate transactions on The Sandbox platform.

The Sandbox (SAND) token moved up 12.26% to US$1.01 at 7:47 am ET on Thursday, while the broader crypto market grew 0.72% to US$912.32 billion.

The SAND token gained attention after the platform invited its social media followers for a group photo. It reportedly urged the participants of the NFT NYC 2022 event to gather at New York’s Times Square at 11:11 am EST for the photoshoot.

NYC NFT 2022, the 4th annual NFT Industry event held in New York, will conclude on Thursday.

More than 1000 speakers participated in the four-day event.

SAND also plans to create Times Square in its metaverse. It is already collaborating with TIMEPieces, an NFT community initiative, to build a virtual Times Square hub for art and commerce.

The Sandbox is the fourth-largest metaverse project by market capitalization, as per Coinmarketcap.com. Its trading volume was also up 74% on Thursday as its June 26 submission deadline for the Game Jam competition approaches. 

Game Jam kicked off on June 13. Participants were asked to create a specific metaverse experience. It plans to distribute 15,000 SAND tokens and VoxoDeus NFTs to the winners on July 23, 2022. 

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Sandbox is a popular name in the gaming community. The token rose around 21% in one week. Its virtual world allows users to create, build, buy, and sell digital assets besides playing games.   

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It offers play-to-earn games while aiming to mainstream blockchain technology. The project was founded by Pixowl, a mobile game development company, in 2011.

In 2018, Animoca Brands acquired Pixowl for US$4.875 million.

Arthur Madrid is the co-founder and CEO of Pixowl. The other co-founder, Sebastien Borget, serves as the company’s COO.

Also Read: What is Luffy (LUFFY) crypto’s ‘trading competition’?

Data Source: coinmarketcap.com

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SAND token:

SAND token facilitates transactions on The Sandbox platform. It has a market capitalization of US$1.3 billion and a circulating supply of 1.26 billion. Its total supply is 3.0 billion.

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Bottom line:

The metaverse segment of the crypto market has more than 200 projects. On Thursday, more than two-thirds of the projects rallied.

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