Sandbox’s native token, SAND, jumps 30% in a week.
Sandbox is a virtual world for gaming experiences powered by NFTs.
Holders of SAND tokens could reap long-term gains.
Metaverse-related tokens are currently leading the crypto market recovery. Sandbox’s (SAND/USD) has surged 30% in the past week, while Decentraland’s MANA (MANA/USD) has gained 13.44% in the same period, according to data from CoinMarketCap.
The Sandbox is a blockchain-based virtual world that enables players to monetize gaming experiences using non-fungible tokens. With the Sandbox, gamers can develop digital assets as NFTs, have them in a marketplace, and integrate them into online games.
SAND shows recovery amid bearish momentum
The daily price chart below shows that SAND is trading at $1.27. The token is currently showing bullish momentum, with the 20 and 50-day moving averages joining the support. The RSI remains below the overbought zone.
The monthly price outlook indicates that SAND has remained resilient. The token has only lost 0.78% in the period despite an extended period of a bearish market. However, the metaverse-based token has sunk by 78% year-to-date. SAND peaked at $8.4 in November last year.
The Sandbox has gained popularity with its public LAND sales as big corporations move to have a piece of the technology. The platform has secured multiple partnerships with brands including Adidas, Atari, as well as celebrities like Snoop Dogg.
The future of the metaverse will reportedly be decentralized immersive spaces geared toward the advancement of Web3. The COO and co-founder at Sandbox, Sebastian Borget, recently commented that the metaverse would become a virtual realm controlled by the users and a lucrative opportunity.
Borget believes that the metaverse will grow to have job opportunities that are not currently available in the physical world. Sandbox features virtual parcels of land, which are limited. Some of the use cases in the immersive spaces include entertainment, fashion, and retail.
The value of SAND remains tied to the long-term adoption of metaverse technology. The token derives its value from being a utility token in immersive technology. Another factor to consider is the growth in NFTs, digital collectables used as in-game items. With this in mind, holding SAND could be beneficial in the long run considering its current bear market.