After a two-month correction that wiped out nearly 70% of SAND’s market value, the token has been on the rise since January 22, 2022.
Despite a modest drop of around 4% today, the overall outlook remains bullish.
Let’s take a closer look at what’s driving this rally.
What is The Sandbox?
In short, The Sandbox is a blockchain-based metaverse that enables users to build, create, sell, and buy digital assets.
Its native token is SAND.
Why is The Sandbox (SAND) Price Rising?
The most recent catalyst behind the reversal in The Sandbox’s value is the announcement of a collaboration with American rapper Snoop Dogg. Following that news, investor demand surged dramatically.
On January 27, Snoop Dogg shared a teaser for his upcoming NFT collection, Snoop Avatars, which he said would be launched in The Sandbox metaverse.
This doesn’t happen everyday. Presenting.. The Snoop Avatars!! Like, RT and drop your wallet address for a chance to get on the whitelist. 💨 pic.twitter.com/79KfEf63x9
— The Doggies (@TheSnoopAvatars) January 26, 2022
Later that same day, The Sandbox announced it would create a concert venue and a music-themed park in its metaverse with support from Warner Music. The initiative aims to help artists engage with fans virtually while generating real revenue.
Sandbox COO and co-founder Sebastian Borget told Cointelegraph:
“We’re shaping The Sandbox into an entertainment destination where creators, fans, and players can enjoy premium immersive experiences and forge closer ties with their favorite music artists through NFT tokens.”
This high-profile partnership could have a significant long-term impact for SAND holders, since the token plays a central role in governance, staking, and in-platform transactions.