In a single day, 80 million of the native crypto SAND (The Sandbox) was transferred to Binance, worth $57.5 million. A truly significant amount, transferred from 3 different addresses, the figure represents 3% of the total token supply.
These movements could prove to be a positive sign for the cryptocurrency. Indeed, the large transfer has not seen significant volatility demonstrating high liquidity in the market.
While the transfer has worried SAND users, the movements toward Binance point to significant investor interest and a consequent increase in demand.
In the article we will go over the project and its native crypto in detail. In the recent period, The Sandbox has been on a continuous upswing, its token rising again after its excessive decline in 2021, a sign of recovery for ecosystems centered around the metaverse.
The Sandbox and its native crypto SAND
The Sandbox (SAND) is a game that leverages the power of blockchain to achieve a monetization model along with a marketplace and set of structures to generate NFTs unique to the world.
In the game there is a virtual world where players can create their own characters, improve them, and interact with a vast virtual world in pure Minecraft style. At the same time, though, this relies on blockchain technology to create a unique experience through the use of tokens.
NFTs and SAND, the platform’s native token, which allows users to monetize their game and benefit from it.
The Sandbox is a project created in 2012 by the company Animoca Brands. Initially, it was a mobile game platform focused on competing with Minecraft.
As time went on, however, the developers of the parent company became very interested in blockchain technology, particularly in the world of NFTs to make exclusive and unique games.
Therefore, the project of The Sandbox veered toward more technological and futuristic horizons, leading to the initialization of the project in 2018, to the present day.
After a year of development, Animoca unveiled the first version of The Sandbox and opened the first LAND presale, which was a resounding success.
Indeed, since the arrival of The Sandbox, Animoca has become one of the few companies to achieve great success in the blockchain gaming ecosystem.
In fact, the entire Sandbox ecosystem currently accumulates a capitalization exceeding $300 million, making this game one of the most valuable in the ecosystem.
As for its native token, SAND is an ERC-20 token that enables transactions within The Sandbox. The purposes of the native token are multiple and the token has a maximum issuance of 3 billion units.
Among the most important purposes of the native SAND token is first and foremost that it allows the sale and purchase of various assets available in the game. Such as buying mini-games within the metaverse, or purchasing equipment for one’s avatar.
In addition, thanks to the native token, SAND owners can obtain benefits through SAND staking.
SAND owners can participate in the on-chain governance of the game, which through the DAO is in charge of controlling various aspects of the game. Last but not least, through the purchase of the native SAND token one can acquire LAND and thus expand one’s space in the game, with the purchase of new territory.
The Sandbox: agreements with Saudi Arabia and ZeptoLabs
Recently The Sandbox’s metaverse-focused project signed a memorandum of understanding with Saudi Arabia, without actually explaining the scope and details of the agreement.
The co-founder of The Sandbox, Sebastien Borget, announced the news on the LinkedIn platform:
“It was a real honor to sign our partnership between The Sandbox and the Saudi Arabian Digital Government Authority. We look forward to exploring, advising and supporting each other in Metaverse activations!”
The agreement was signed during the Leap Tech Conference in the Saudi capital Riyadh.
Saudi Arabia in the same way as the United Arab Emirates has been very interested in the world of cryptocurrencies and Web3 in the recent period. This collaboration is definitive evidence of some project being launched by Saudi Arabia.
But the partnerships do not end there; in fact, The Sandbox team has announced a partnership with ZeptoLab.
The leading virtual game world will feature entertainment experiences from the creators of Cut the Rope, C.A.T.S.: Crash Arena Turbo Stars, King of Thieves, and Bullet Echo.
The collaboration will allow the entire community to expand their list of games in the metaverse. ZeptoLab will create a new LAND on The Sandbox that will allow players to run the Om Nom Cafe in the town of Nomville.
In addition, the experience will be made even more exclusive through the development by both companies of unique equipment and accessories to customize their avatars.
As stated by Sebastien Borget, COO and co-founder of The Sandbox:
“We are excited to welcome ZeptoLab to The Sandbox. I can’t wait to see all the creations that the Cut the Rope community will build in the metaverse using collectible digital objects that they can actually own.”
SAND’s predictions after movements recorded on Binance
As we specified in the beginning, despite SAND’s large transfers on Binance, the cryptocurrency did not experience excessive volatility.
Investors’ concerns turned out to be unfounded, and the movements on Binance, can only mean something positive.
The opening performance in 2023 for The Sandbox (SAND) turned out to be extraordinary.
The native token of the metaverse-focused project opened 2023 with $0.38 and is currently trading at a price of $0.72, a price increase of 90%.
There are many who think SAND is one of this year’s most surprising cryptocurrencies. SAND’s predictions for 2023 see it facing an even more significant increase, with market analysis showing the token rising even further, to a price of $1.35. Really ambitious forecasts, which will see a gradual, but still really substantial growth.
Long Term forecasts
The forecasts do not end there, in fact while in the short term the forecasts seem so ambitious, in the long term market analysts have pointed to further growth in The Sandbox’s native currency.
In 2024, the price of The Sandbox’s SAND has plenty of room for expansion. Following the potential announcements of several new partnerships and initiatives, the price of SAND is expected to soon exceed $2.24.
In 2025, the price might even climb higher to $3.14, and it will see exponential growth beyond that.
Thus, we are talking about an ever-expanding project that could bring excellent returns for investors. As we have already discussed, the metaverse sector could be one of the biggest trends in 2023 and beyond.
The Sandbox and its native token SAND, have been attracting attention during this period, the growths are remarkable, and we expect a really promising future for the metaverse-based platform.
In part due to the uptick in the market, SAND could again hit all-time highs, the rapid growth of its ecosystem undoubtedly placing it among the best projects in the metaverse.