SAND, which is among the popular metaverse coin projects, has officially exploded with a news. Accordingly, The Sandbox Metaverse has announced a partnership with Lionsgate Studios. Then SAND rallied from an eight-month low today. We have compiled the details for you.
Metaverse coin SAND gained 20% in one day
SAND rallied as high as $0.9715, an increase of up to 20% after the announcement. Afterwards, however, it started to lose some of its gains and is currently trading at $0.8647. The news helped SAND break a seven-day streak of losses amid weakness in the broader crypto market. The rise of the Metaverse coin project was driven by the partnership with Lionsgate. As it is known, Lionsgate is one of the largest independent studios in the United States. Now the company owns properties like Hellboy, Rambo, and The Expendables that will feature in The Sandbox. According to the partnership, The Sandbox will set up an area called “Action City” within the Metaverse, dedicated to Lionsgate media properties.
Lionsgate partnership raises interest in The Sandbox
As part of the partnership, Lionsgate will establish “Action City” within The Sandbox we talked about. This area will feature popular licensed properties owned by Lionsgate and Millennium Films. Sandbox claims the partnership makes Lionsgate the first major Hollywood studio to enter the Metaverse. However, the collaboration is far from being Metaverse’s first productive partnership. Metaverse coin project; It features content from Adidas, Snoop Dogg, and the Smurfs. It has also sold land to large companies such as HSBC in the past. However, Lionsgate did not disclose the financial details of its deal. Sandbox, owned by blockchain gaming giant Animoca Brands, is reportedly looking to raise capital with a valuation of over $4 billion.
Will the metaverse hype overshadow the crypto crash?
Sandbox and its peers have seen a drastic drop in token prices this year as the crypto markets collapsed, as we reported on Cryptokoin.com. However, especially for The Sandbox and its rival Decentraland, it can be advantageous if they are powered by an established metaverse. Thus, they may outperform smaller metaverse projects in a bear market. In times of crisis, investors often look for projects that include a tangible product or service. This is something that most of the Sandbox and Metaverse coin counterparts have. Thus, SAND could see some resilience to the ongoing fluctuations in the crypto market. Still, the Metaverse coin is trading after losing around 85% of its value in 2022.
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