SAND is the crypto token of The Sandbox, a decentralized gaming platform that empowers gamers and creators with a blockchain-based metaverse.
Here, we will find out the origin, price journey, price analysis and future of SAND token.
Origin
The Sandbox started as a mobile game in 2012, where players could build and share their own pixelated worlds. The game was a hit, with over 40 million downloads and a loyal fan base. In 2018, the team behind The Sandbox decided to upgrade the game to a blockchain-based platform, leveraging the benefits of decentralization, interoperability and tokenization.
The Sandbox platform consists of three main components: VoxEdit, Marketplace and Game Maker. VoxEdit is a software that allows users to create and animate voxel models, which are 3D objects made of cubic pixels. Marketplace is where users can buy and sell their voxel assets, as well as LAND, which are parcels of virtual space in The Sandbox metaverse. Game Maker is a tool that enables users to design and play games on their LANDs, using the assets they own or purchase from the Marketplace.
The Sandbox also has its own ERC-20 utility token, called SAND, which is used for various purposes within the platform. SAND can be used to buy and sell assets and LANDs, stake for governance rights, participate in platform events and rewards, and access premium features and services.
Price Journey
SAND was first listed on exchanges in August 2020, with an initial price of around $0.03. The token quickly gained traction, as The Sandbox announced partnerships with major gaming and entertainment brands, such as Atari, Square Enix, Care Bears and The Smurfs. SAND also benefited from the growing popularity of non-fungible tokens (NFTs), which are unique digital assets that can represent anything from art to gaming items.
SAND reached its all-time high of $8.44 on March 27,2021, amid a bull market for cryptocurrencies and NFTs. The token then experienced a correction, along with the rest of the crypto market, dropping to as low as $0.28 on June 22,2021. Since then, SAND has recovered some of its losses, trading at around $0.42.
SANDBOX Crypto Price Analysis
SAND is currently trading at $0.42 with market cap of $828 million and a fully diluted market cap of $1.28 billion. The circulating supply stands at 1.9billion and total supply is 3 billion tokens. Let’s have a look at the chart for trend analysis:
Moving in an parallel channel, two high probable scenarios either consolidates & breaks out upwards, or consolidated & violent breaks down, both breakout or breakdown would be aggressive.
Future of Sandbox Crypto
The future of SAND depends largely on the development and adoption of The Sandbox platform, which has been a huge success over the past seasons. The platform has ambitious plans to launch its new versions version, which will include new features such as multiplayer mode, social hub, avatar system and more.
The Sandbox also aims to expand its ecosystem by attracting more users, creators and partners. The platform has already secured over $40 million in funding from investors such as Animoca Brands, Binance Labs, Square Enix and Galaxy Digital. The platform also boasts over 160 partners from various industries, such as gaming, entertainment, sports, art and fashion.
The Sandbox hopes to become one of the leading platforms in the metaverse space, competing with other projects such as Decentraland, Axie Infinity and CryptoVoxels. The metaverse is a term that describes a collective virtual reality where people can interact with each other and digital content across different platforms and devices.
The demand for metaverse platforms and NFTs is expected to grow in the coming years, as more people seek immersive and creative online experiences. This could boost the value of SAND token, as it serves as the main currency and governance tool for The Sandbox metaverse.
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