Over the course of 2021, the blockchain gaming ecosystem experienced tremendous growth as nonfungible tokens (NFT). The play-to-earn gaming model helped offer new earning options for people worldwide while also attracting a new generation of new-generation cryptocurrency users.
The Sandbox, a blockchain-based virtual world where players create, build, purchase, and sell digital assets in the form of a game, is one initiative involved in gaming and the creation of the metaverse.
After hitting a low of $0.70 on Oct. 27, the price of The Sandbox’s native token, SAND, has soared 393 percent higher to a new all-time high of $3.45 on Nov. 3, with a 24-hour trading volume of $9 billion, according to data from Cointelegraph Markets Pro and TradingView.
The successful completion of a $93 million funding round, the project’s expanding ecosystem that continues to onboard new partners, and the project’s supportive environment that allows creators to engage with their communities while also receiving the lion’s share of revenue generated by their efforts are three reasons for the sudden price spike of SAND.
SAND Raises Millions
The Sandbox announced on Nov. 2 that the project had closed a $93 million Series B investment round spearheaded by the SoftBank Vision Fund 2.
The money will be utilized to help scale the ecosystem’s growth strategy, operations, and player acquisition, according to the team behind The Sandbox, “while sending a clear signal that the world’s most innovative fund believes in Web3 and decentralization as the next major trend.”
These plans include the addition of new games, live events, and social experiences that stimulate community involvement while also providing a profit-generating environment for creators, companies, and intellectual assets.
Ecosystem Partners Growing Fast
The protocol’s expanding network of big-name partners who have purchased digital estate inside The Sandbox is a second cause for SAND’s spectacular price action.
8/ Over 165 partners, including Snoop Dogg, The Walking Dead, Smurfs, Deadmau5, Care Bears, etc. also own LAND in The Sandbox and will contribute to creating a diverse, multi-cultural place that will make you want to come back into and further explore. pic.twitter.com/jyEum4uNqq
— The Sandbox (@TheSandboxGame) November 2, 2021
Quan, a popular Japanese messenger and sticker character collection, was just added to The Sandbox ecosystem. Quan will auction off more than 300 LAND pieces, including 100 premium parcels bundled with NFTs, as part of its entry into the ecosystem.
The Sandbox ecosystem’s addition of well-known brands should assist in broadening the community’s appeal and drawing new people to the field of blockchain gaming.
Amazing Creator Incentives
The substantial creator incentives granted to developers and artists who work within the ecosystem are another cause for The Sandbox’s success.
11/ We are supporting Creators by offering 95% revenue share and reinvesting 50% of all $SAND revenue streams into the Foundation, now worth $100M+, which gives grants to artists, creators and players. pic.twitter.com/glEMUFS653
— The Sandbox (@TheSandboxGame) November 2, 2021
The Sandbox pays creators 95 percent of the cash generated by the things they sell on the platform, and 50 percent of all SAND revenue streams are returned into the Sandbox Foundation, demonstrating the project’s dedication on helping creators expand their businesses.
The foundation’s treasury, which totals over $100 million, is used to award awards to artists, producers, and players. Prior to the latest price spike, VORTECSTM data from Cointelegraph Markets Pro began to detect a favorable prognosis for SAND on Oct. 28.
The VORTECSTM Score is an algorithmic assessment of historical and present market circumstances drawn from a variety of data sources, including market mood, trading volume, recent price changes, and Twitter activity, and is exclusive to Cointelegraph.
The VORTECSTM Score for SAND soared into the green zone on Oct. 27 and reached a high of 74 on Oct. 28, just 32 hours before the price began to rise 229 percent over the next four days, as shown in the chart above.
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