2021-11-4 16:30 |
Sandbox SAND/USD is an ecosystem that runs on Ethereum, which operates a decentralized virtual gaming world.
SAND tokens are required when it comes to facilitating various transactions which are a part of the gameplay.
This includes the process of purchasing SAND, interacting with user-generated content, or staking with the intention of participating in governance.
The $93 million investment as a catalyst for growthThe Sandbox, an Animoca Brands subsidiary and non-fungible token (NFT) metaverse platform, has gained new capital in a funding round led by SoftBank Vision Fund 2 on November 2.
The Sandbox’s Series B round raised $93 million with the participation of Animoca Brands, SCB 10X, Polygon Studios, True Global Ventures, Galaxy Interactive, and Samsung Next, alongside others.
As such, Sandbox aims to speed up the growth of the open metaverse with games, live performances, and social experiences, all whilst raising their support for creators and involving a lot more brands and intellectual properties.
The game gives players the opportunity to monetize the time they spend in the metaverse in various ways, which we know as the play-to-earn model.
This creates a circular economy, where the resources which players collect can be sold or purchased by different players.
The Sandbox has also partnered up with over 160 brands, such as Atari, CryptoKitties, and others, with the goal of creating voxelized versions of their worlds and characters.
Should you buy Sandbox (SAND)?On November 2, Sandbox (SAND) had a value of $2.71.
To get an indication of what kind of value point this is for the token, we will be using its all-time high point for comparison as well as its performance in October.
Sandbox (SAND) achieved its all-time high value 8 hours prior to writing this, on November 2, when it reached its highest point of $3.33. This means that at its peak, the token was $0.62 higher or 22% higher than its price point at the time of writing.
In terms of the performance of the token in October, on October 1, its value was at its lowest point at $0.6623.
Its highest point of the month was on October 31, when it reached $2.14.
Here we can see that the token grew in value by 223% throughout the month, or by $1.4777.
According to data from IntoTheBlock, Sandbox (SAND) had $1.29 billion in transactions greater than $100,000 within the span of the past seven days.
Additionally, it experienced a net network growth of 8.51%, with a concentration by large holders at 94%.
With all of this in mind, we can expect Sandbox (SAND) to reach a value of $3.15 by the end of November.
In other words, SAND can be a solid purchase, but if it falls below $2, then it could be worth reconsidering.
The post The Sandbox Raised $93 million, will the SAND token go up in value? appeared first on Invezz.
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