Artists, brands and designers crammed into the metaverse

The blockchain gaming ecosystem has seen explosive growth during 2021 as non-fungible tokens (NFTs) and the play-to-win gaming model have...

The blockchain gaming ecosystem has seen explosive growth during 2021 as non-fungible tokens (NFTs) and the play-to-win gaming model have helped create new income opportunities for people around the world while ushering in a new cohort of cryptocurrency users. sector.

One project involved in gaming and building the metaverse is The Sandbox (SAND), a blockchain-based virtual world where users create, build, buy and sell digital assets in the form of a game.

Data Cointelegraph Markets Pro and TradingView shows that after hitting a low of $ 0.70 on October 27, the price of SAND climbed 393% to a new all-time high of $ 3.45 on November 3 as its 24-hour trading volume increased reached $ 9 billion.

SAND / USDT 4 hour chart. Source: TradingView

Three reasons for SAND’s price surge include the success of a $ 93 million funding round, its expanding ecosystem that continues to bring in new partners, and the project’s enabling environment that allows creators to s ” engage with their communities while receiving the lion’s share of revenue generated by their efforts.

SAND raises $ 93 million in Series B funding round

On November 2, The Sandbox announced that the project had successfully completed a $ 93 million Series B financing round which was led by SoftBank Vision Fund 2.

According to the team behind SAND, the funds will be used to help evolve the ecosystem’s growth strategy, operations and player acquisition “while sending a clear statement that the world’s most innovative fund believes in Web3 and decentralization as the next major trend.”

These plans include adding new games, live performances and social experiences that encourage community engagement and create an income-conducive environment for creators, brands and intellectual property.

Growing list of ecosystem partners

A second factor behind the explosive price action for SAND is the expanded network of protocols from reputable partners who have purchased digital lands inside The Sandbox.

Most recently, the Sandbox ecosystem hosted Quan, a popular collection of Japanese messenger characters and stickers. As part of its entry into the ecosystem, Quan will auction over 300 LAND plots, including 100 premium plots that are bundled with NFTs.

Adding popular businesses to The Sandbox ecosystem is expected to help expand the community’s reach and attract new users to the world of blockchain gaming.

Related: Microsoft launches into the metaverse with Teams updates and Xbox upgrades

Attractive incentives for creators

Another reason for the growth seen for The Sandbox is the attractive creator incentives offered to developers and artists who build within the ecosystem.

To demonstrate the project’s goal of helping creators grow their brands, The Sandbox gives creatives 95% of the revenue generated from the items they sell on the platform and 50% of all SAND revenue streams. are reinvested in the Sandbox Foundation.

Funds from the foundation’s treasury, which total more than $ 100 million, are used to provide grants to artists, creators and players.

VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SAND on October 28, ahead of the recent price hike.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trade volume, recent price movements and activity Twitter.

VORTECS ™ score (green) against the SAND price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score for SAND moved into the green zone on October 27 and peaked at 74 on October 28, approximately 32 hours before the price began to rise 229% at the time. over the next four days.

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