sandbox‘s native cryptocurrency SANDcoin rose from an eight-month low on Thursday after the popular metaverse cryptocurrency announced a partnership with Lionsgate Studios.
As we mentioned at Koinfinans.com, despite the downtrend in the crypto market, SAND rose up to $ 0.9715 with an increase of up to 20 percent after the announcement. However, the cryptocurrency, which eventually lost some of its gains, fell as low as $0.864 at the time of writing. The news helped SAND break a seven-day streak of losses amid weakness in the broader crypto market.
Lionsgateis one of the largest indie studios in the United States, with projects such as Hellboy, Rambo, Open games and The Expendables now featured in The Sandbox.
As a result of the Metaverse project partnership, Lionsgate will establish an area dedicated to the movies/products of the media, called “Action City”.
Lionsgate partnership brings more licensed interest to The Sandbox
The partnership will feature popular licensed products from the studio and its longtime collaborator Millennium Films in what will be called the “Action City” area of Lionsgate.
While Sandbox claims that as a result of the partnership, Lionsgate is the first major Hollywood studio to enter the metaverse, this is far from the first fruitful collaboration of the popular metaverse project.
This move isn’t the first time The Sandbox has attracted the attention of large corporations. Virtual platform; It features content from popular brands such as Adidas, Snoop Dogg, The Smurfs, and also world-class organizations such as HSBC Bank and South Korean tech giant Samsung have partnered with the project in the past by purchasing virtual lands on the platform’s metaverse.
Financial details of the Lionsgate deal have not yet been disclosed.
In addition to this partnership, Sandbox, owned by blockchain gaming giant Animoca Brands, reportedly wants to raise capital with a valuation of over $4 billion.
What is sandbox?
The Sandbox (SAND)is a popular metaverse token that was first released as a mobile game in 2012 and was acquired by Hong Kong-based gaming giant Animoca Brands in 2018. Following this acquisition, the platform has evolved into a multi-billion dollar project that is now deeply rooted in the metaverse and NFT domains.
Sandbox is a platform built on the Ethereum blockchain that allows users to buy, sell, trade and own assets in a virtual world. assets, non-fungible tokens (NFTs) and can represent land, cars, works of art, and other property.
Can interest in the Metaverse avert the crypto crash?
Sandbox and similar projects have faced a drastic drop in token prices this year as the crypto markets collapsed. However, the fact that The Sandbox and its counterpart, Decentraland in particular, are powered by an established metaverse will make them stand out from their smaller and lesser-known alternatives.
In times of soaring inflation and high interest rates, investors often make their choice in favor of projects with a tangible product or service – something that most of the Sandbox and its metaverse counterparts can offer.
While this may give SAND some resilience to the continued volatility of the crypto market, the popular metaverse token has already lost around 85 percent of its value in 2022.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.