SAND Shoots 300% Past $3 As NFT Gaming Firm Sandbox Secures Major Investment
NFT gaming platforms continue to be one of the most trending topics in the crypto landscape. On Monday, November 1, Hong Kong-based NFT gaming platform secured a fresh $93 million funding led by giants like SoftBank.
The Sandbox gaming platform allows users to build a virtual world like Facebook’s metaverse using non-fungible tokens (NFTs). This is a classic blend catering to the future of virtual digital gaming and the use of digital assets like NFTs.
The Sandbox gaming platform is based on the Ethereum blockchain allowing players to entirely “build, own, and monetize” their gaming experience. Sandbox also provides tools to players to create assets on the platform and allows creators with ownership as NFTs.
Blockchain gaming developer Animoca Brands, a popular player in this space, own a majority of the share in Sandbox. This is the first investment by SoftBank’s Vision Fund 2 in a company that issues its native cryptocurrency.
The Sandbox (SAND) Price Rally
Ever since Facebook’s Meta announcement last week, Sandbox (SAND) has participated in the mega rally along with other metaverse-linked cryptocurrencies. On late Monday, the SAND price skyrocketed to its all-time high of $3.25.
As of press time, SAND is trading 53.26% up at a price of $2.56 with a market cap of $2.28 billion. On the weekly chart, SAND has gained more than 300% with its price multiplying 4x.
The rally comes as Sandbox announced major partnerships with popular brands and celebrities. Sandbox has also partnered with popular rapper Snoop Dog who has promised to create a digital replica of his mansion in Sandbox’s metaverse.
Sebastien Borget, chief operating officer and co-founder told Reuters that the recent investment will fuel growth in Sandbox’s creator’s economy. This will also help the platform expand its wings to other sectors like architecture, fashion, and virtual concerts. Borget further added:
“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”.