SAND, the native cryptocurrency of the blockchain-based virtual world The Sandbox has been on a bull run this week, hitting a record high of $8.23 on Thursday. SAND rallied 260% in November on news that it will open up part of its metaverse via its multi-week play-to-earn Alpha event, which will launch on November 29, at 1:00 pm UTC, as Cointelegraph reports.
The Sandbox is a Hong-Kong based gaming platform, which first launched as an online game in 2012. It will now relaunch as an NFT-based gaming platform allowing users to build a ‘metaverse’, monetizing their virtual gaming experience with non-fungible tokens. It has attracted brands and formed intellectual property partnerships with big names such as The Walking Dead, The Smurfs and Snoop Dogg. Recently, German sports giant Adidas revealed in a tweet that they have also established a partnership with The Sandbox.
Other key catalysts behind the price surge of Metaverse tokens like The Sandbox has been a growing interest among investors in the metaverse and the virtual world. Metaverse tokens soared following Facebook’s high profile announcement that it is rebranding itself as Meta. Other companies followed suit, expressing their intention to invest money in the creation of a metaverse. Nvidia’s CEO Jensen Huang told CNBC that businesses can lean on the metaverse to reduce wastefulness and increase operational efficiency, a move that will save them billions of dollars.
The buzz around the metaverse was evident in recent earnings as well. Video game company Roblox reported eye-popping third quarter results in November, doubling its revenue.
Besides SAND, other gaming tokens like ENJ, ILU, YGG and DVI have risen over 40% to 90% this month, outperforming bitcoin by a big margin.