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Metaverse Weekly Roundup: Sandbox At Forefront Of Crypto Metaverse Revolution

Metaverse Weekly Roundup: Sandbox At Forefront Of Crypto Metaverse Revolution

SANDBOX AT THE FOREFRONT OF A CRYPTOMETAVERSE REVOLUTION

If you missed our most recent article on MANA last week (link here) then you probably don't know yet that cryptodaily.co.uk have decided to dedicate one day each week from now on, namely every Thursday, to extensively covering  various metaverse projects including Technical Analysis, tokenomics, news, updates, partnerships and all other important aspects in cryptocurrencies that fall in this hottest trending category.

The demand as well as investors interest in these virtual world based assets have been absolutely booming ever since the Facebook CEO Mark Zuckerberg announced that the social media giant, which he founded in 2004 and led to a position of the global monopoly with nearly three billion monthly active users, would be transitioned into primarily a metaverse company named Meta. According to him: ''In many ways the metaverse is the ultimate expression of social technology''.

Following such a breakthrough piece of news the cryptoworld saw an instant reaction with absolutely insane amount of money that has been flowing into pretty much any and all tokens both loosely associated with virtual world gaming or precisely focused on building and developing their own version of a metaverse.

SAND TAKES FULL ADVANTAGE OF THE NEW HOTTEST TREND

The greatest beneficiaries of this mostly unexpected turn of events so far have been the aforementioned Decentraland's coin MANA (MANA/USD), which has gained 568% since the 28th of November and even more so - the first-placed in terms of growth in price – SAND (SAND/USD), which in turn has seen an increase in its valuation by a mouth-watering 830%. The latter one started its incredible rally four weeks ago sitting just below the $0.8 mark and yesterday was momentarily traded for as much as $8.48, which had been set as its present ATH before a 15% correction has pulled its value back down to the current $7.25 level.

The asset's valuation has been extremely volatile having gained nearly 40% just during one single day – this past Wednesday (reaching up to 50% if we count the intraday high) so please don't be surprised if, by the time this article finds its way before your eyes SAND is already valued in double digits or quite the contrary, has falled down to the $5 territory. By the way, the $5-$6 area might be an amazing chance to consider an entry position right now.

Predicting a short-term price action is impossibly difficult and quite frankly pure guesswork when a coin has just experienced such a parabolic surge to the upside and that is mainly due to a lack of previous history at such levels. Technically a trader could try and use the Fibonacci Extension Tool, but they realistically would need a significant Swing Low first for that effort to not turn out to be an almost guaranteed waste of time.

So, instead we have included some general  observations about the asset in this week's chart and decided not to focus too much of our attention on Technical Analysis on this ocassion (main thing to bear in mind is that the RSI is sitting at 85 pointing to an Extremely Overbough territory – some food for thought in case you were considering FOMOing IN after a recent pump) in order to give our readers, who might be yet unfamilar with SAND, a brief and concrete introduction into a robust and potentially exciting virtual realm of the Sandbox)

THE ALPHA SANDBOX IS ALMOST HERE AFTER FOUR YEARS OF PREPARATIONS

First things first, Sandbox in its current 3D version has existed for nearly four years now having initially been started in 2012 as a 2D mobile game, which apparently used to be fairly popular with 40 million of players around the world. The current crypto Sandbox is an ethereum-based beta version virtual world that is based on the use of NFTs and utilizes its very own coin – SAND.

The main attraction of the platform seems to be its in-game economy, which opens up a host of possibilities for us to monetize on with various ways to buy and sell LAND (just like in Decentraland) and all kinds of digital assets that users can create themselves and integrate into games with an application called the Sandbox Game Maker. The current circulating supply is, according to coingecko.com at 892M SAND (market cap @ $6.4B compared to MANA's capitalization at $6.65B as of today) and the total supply hard-capped at 3 billion tokens, so eventually there will be zero inflation.

At present rates of growth the Sandbox should sooner rather than later celebrate their first million of registered wallets especially when you consider a fact that at the beginning of this month the emerging metaverse powerhouse aquired a whooping $93 million in funding from investors such as True Global Ventures, Kingsway Capital, Galaxy Interactive and most notably a Japanese conglomerate Soft Bank, which holds nearly $350B in assets.

The Sandbox platform boasts partnerships with some high-profile names such as: Snoop Dogg, ''the Smurfs', one old school brand Atari, NFT collection Crypto Kitties to name just a few and very soon Adidas could also get added to this list. Oh, and the most important piece of news to close with, the Sandbox is finally launching its Alpha event on Monday the 29th of Novemeber (4 years in the making) so in case you have missed out on the asset so far, that might be a good opportunity to start getting into it.

In our next articles on SAND we will be covering this crypto in more details but the next week's piece is going to be all about Axie Infinity (AXS/USD). Happy trading/investing and we will see you soon.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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