The Sandbox native token, SAND, jumped from eight-month lows following Friday’s announcement of a collaboration between the metaverse and Lionsgate Studios.
As a result of the news, SAND surged as high as 20% to $0.9715, before reversing course to trade at $0.8647. The move helped SAND overcome a seven-day losing run in the face of gloom in the bear market.
Lionsgate is one of the biggest private studios in the United States, and it owns Rambo, Hellboy, and The Expendables, all of which will soon be featured in The Sandbox.
all hell breaks loose. lionsgate has entered @thesandboxgame pic.twitter.com/c1QcA2x3Y6
— Lionsgate (@Lionsgate) June 15, 2022
Suggested Reading | Bitcoin At $20K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why
At the time of writing, SAND was trading at 0.873, up 3.78 percent from its daily high of $0.9753. The 24-hour trading volume on the Sandbox was $269.75 million.
As of Friday, the circulating supply of SAND is 1.25 billion and the maximum supply is 3 billion.
Based on their increased production in the horror and action domains, the metaverse has devised a comprehensive transition plan, and Lionsgate will contribute to adapting its characters and captivating stories to web3-compatible platforms.
The Sandbox is a play-to-earn blockchain game that enables users to create a digital world on the Ethereum blockchain using non-fungible tokens.
The Sandbox allows players to create their own avatars to access the different games and destinations available. On the blockchain, it is the DeFi version of Minecraft.
SAND is an ERC20 utility token that enables the purchase and sale of LANDS and ASSETS within The Sandbox’s metaverse. It is also The Sandbox DAO’s governance token.
The Sandbox, which is owned by blockchain gaming behemoth Animoca Brands, reportedly seeks to attract funds at a valuation of more than $4 billion.
The Sandbox reports that this deal will make Lionsgate the first major Hollywood studio to enter the metaverse.
This will not be The Sandbox’s first significant partnership, as it has already hosted material from Snoop Dogg, The Smurfs, and Adidas and sold LAND to financial institutions such as HSBC.
Lionsgate’s Executive Vice President and Global Head of Live, Interactive, and Location-Based Entertainment, Jenefer Brown, commented on the innovative partnership:
The bulk of cryptocurrencies have not been left behind as crypto markets continue to undergo a precipitous downturn.
In fact, cryptocurrencies with metaverse support, such as The Sandbox and Decentraland, have been in a stronger position as Metaverse and NFTs continue to gain popularity.
Suggested Reading | Ethereum Drops Below $950 On Uniswap Overnight – Here’s Why