Sandbox (SAND) Token Jumps 10% In Minutes, Here’s Why

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SAND, the native token of The Sandbox metaverse, rallied on reports that the metaverse intended to raise more funds. The firm is reportedly looking at more funds at a valuation of over $4 billion.

SAND rallied 10% in mere minutes after the report, and was last trading at $2.98, according to data from Coinmarketcap. The token is the third-largest metaverse coin by market capitalization, at $3.3 billion.

The token is also trading up about 3% over the past week, having benefited from increasing optimism over metaverse adoption. SAND also benefited from a recent partnership between Flickplay and The Sandbox.

Sandbox seeks more funding

The Sandbox, which is an Ethereum-based metaverse, is looking to raise about $400 million, Bloomberg reported, citing people close to the matter. The platform is targeting a valuation of over $4 billion, which would make it the most valuable metaverse.

Sandbox is majority-owned by crypto game maker Animoca Brands, and has Japanese venture capitalist SoftBank among its backers. The firm had raised $93 million in a series B round led by SoftBank in November.

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The Sandbox entered blockchain gaming in 2018, when it introduced a marketplace that allowed users to upload and sell their NFTs. The company has since become one of the most popular metaverses, and has hosted several major brands and celebrities.

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The metaverse branches out

Sandbox has tied up with several popular figures as promotional campaigns. It recently had an NFT avatar partnership wit rapper Snoop Dogg, who also owns a mansion in the metaverse. Land in the metaverse has been sold for as high as $450,000, according to recent reports.

Major brands such as Gucci, Warner Music, and more recently, global lender HSBC have a presence in the metaverse. HSBC had last month purchased a stadium in The Sandbox to increase engagement with customers.

The metaverse is how people will experience Web3, the next generation of the Internet — using immersive technologies like augmented reality, virtual reality and extended reality.

Suresh Balaji, Chief Marketing Officer, Asia-Pacific, HSBC, on the bank’s partnership with Sandbox

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