A project not known to many outside the crypto space, The Sandbox (SAND) game, has become a sensation among crypto enthusiasts. The project has rallied over 12000% in the year and still has no signs of stopping. But what is Sandbox? We dive deeper into the nitty-gritty of this crypto gem.
The Sandbox (SAND) Game
The Sandbox game is a metaverse project. For the newbies, a metaverseS s a virtual world where real-world people can interact using their avatars. Metaverses have evolved to become very sophisticated, and the Sandbox represents this sophistication.
In the Sandbox, players or users can build and sell digital assets inside the game. Additionally, the project in itself is a Decentralized Autonomous Organization (DAO). The DAO nature of the project allows true decentralization of this virtual space. There are many metaverses, and the goal is to connect all of them into one large multiverse one day.
Why is the Sandbox (SAND) Rising in Value?
The Sandbox Game has attracted a lot of famous entities into the metaverse. It has also been rumored that Facebook (Meta) loves the Sandbox Project. On December 1, the Sandbox tweeted that Snoop Dogg was entering the metaverse. Facebook (Meta) replied to this tweet, saying, “Love to see it! The metaverse is getting better by the day.” This prompted many to assume Facebook (Meta) was acknowledging Sandbox as a legitimate competitor in the space.
Among several other banks, the bank of America has revealed their outlook on the metaverse, and it is bullish. Riding on this news, demand for SAND (and Axie Infinity’s AXS) has risen. Furthermore, bank strategists at the Bank of America see the metaverse creating new opportunities in technology.
SAND Technical Analysis is Bullish
SAND is sitting at $6.00 at the time of writing but is down 5% for the day after Bitcoin’s volatile price action.
Presently, SAND is printing a falling wedge after a nice rally. This indicates a short pause before another burst upwards. Going back to the previous price action, if SAND manages to break up out of the current falling wedge, we could see a 200% rise. This would set SAND at the $16 range. Those who managed to buy in at the Binance launchpad price will be very happy. The price back then was $0.008333 per SAND token.
Sandbox captures real estate in the metaverse. For example, the only other places you can buy land in virtual space are in Decentraland (MANA) and Axie Infinity (AXS). Other projects are coming up. However, SAND has not finished its run. One might even argue it is just getting started. Some traders have been overly generous with their predictions and set SAND’s price at $100. Hence, with a 3 billion token supply, SAND would have a $300 billion Fully diluted valuation (FDV), putting it third after Ethereum.
Conclusion
This is the crypto space. Nothing is impossible. For instance, Shiba Inu did 77,000,000% in a one-of-a-kind super rally. In a similar way, SAND might find itself as the third-largest crypto project. Only time will determine the direction SAND takes.