Following the news of a collaboration between the metaverse and Lionsgate Studios on Friday, the Sandbox native token, SAND, rose from an eight-month low.
As a result of the news, SAND increased by up to 20% to $0.9715 before reversing course to trade at $0.8647. The increase assisted SAND in overcoming a seven-day losing streak in the face of bear market gloom.
Lionsgate is one of the largest private studios in the United States, and it owns Rambo, Hellboy, and The Expendables, all of which will appear in The Sandbox in the near future.
The Sandbox (SAND) increases by 3.78 percent.
SAND was trading at 0.873 at the time of writing, up 3.78 percent from its daily high of $0.9753. The Sandbox’s 24-hour trading volume was $269.75 million.
The circulating quantity of SAND is 1.25 billion as of Friday, with a maximum supply of 3 billion.
The metaverse has established a complete transition strategy based on expanded production in the horror and action genres, and Lionsgate will contribute to converting its characters and fascinating stories to web3-compatible devices.
The Sandbox is a blockchain game that allows users to build their own digital world on the Ethereum blockchain using non-fungible tokens.
The Sandbox allows players to design their own avatars in order to access the many games and destinations. It is the DeFi version of Minecraft on the blockchain.
SAND is an ERC20 utility token that can be used to buy and sell LANDS and ASSETS in The Sandbox’s metaverse. It is also the governance token for The Sandbox DAO.
The Sandbox is valued at more than $4 billion.
The Sandbox, which is owned by blockchain gaming company Animoca Brands, is apparently looking to raise financing worth more than $4 billion.
According to The Sandbox, this agreement will make Lionsgate the first big Hollywood studio to enter the metaverse.
This is not The Sandbox’s first notable collaboration; it has already hosted content from Snoop Dogg, The Smurfs, and Adidas, as well as sold LAND to financial companies such as HSBC.
Cryptocurrency and the Metaverse Despite market turmoil, we are growing stronger.
Jenefer Brown, Lionsgate’s Executive Vice President and Global Head of Live, Interactive, and Location-Based Entertainment, commented on the creative collaboration:
“We’re thrilled by the new possibilities our strategic relationship with The Sandbox will offer our community.”
The majority of cryptocurrencies have not been left behind as crypto markets continue to plummet.
Indeed, cryptocurrencies with metaverse support, such as The Sandbox and Decentraland, have benefited from the growing popularity of Metaverse and NFTs.