After a two months correction that almost wiped out 70% of the SAND token market valuation, the token has been trending upwards since January 22, 2022.
Despite today’s slight drop of about 4%, the general outlook is bullish.
Now let’s see what the hike is all about
What is Sandbox?
In a nutshell, Sandbox is a blockchain-based-metaverse that allows users to build, create, sell and buy digital assets.
Its native token is the SAND
Why is Sandbox (SAND) price rallying?
The most recent news about Sandbox turned is the announcement of their partnership with the American rapper Snoop Dogg and after the announcement, there was a surge in demand among investors.
On January 27, Snoop Dogg tweeted a teaser that looked like his upcoming NFT collection (Snoop Avatars) that he said will be done on 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
— Snoop Dogg Avatars (@TheSnoopAvatars) January 26, 2022
Later that day, Sandbox announced that it will create a concert venue and a music theme park in its metaverse with Warner Music support. It is intended to help artists engage virtually with their fans and also generate real revenue streams.
Sandbox chief operations officer and co-founder, Sebastian Borget, told Cointelegraph:
“We’re shaping The Sandbox as a fun entertainment destination where creators, fans, and players can enjoy first-of-a-kind immersive experiences and be more closely connected to their favorite musical artists through NFTs.’’
This high-profile partnership will have a great impact on SAND takers in the future because the tokens will play a primary asset role in governance, staking, and exchange.