21Shares Launches ETP Focused on The Sandbox Metaverse

21Shares, a Switzerland-based crypto asset manager has launched a new Exchange Traded Product (ETP) with references hinged on The Sandbox (SAND) metaverse project. As reported by Forbes, the single asset ETP is the company’s 30th product and it is based on sustained demand from clients who wish to be a part of the growing metaverse world.

The Sandbox was launched in 2011 by Arthur Madrid, the co-founder, and Chief Executive Officer at Pixowl as a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. The Sandbox was arguably among the first startups that saw the potential in making use of blockchain to revolutionize the entire concept surrounding the gaming industry.

Based on its strides in the industry to date, The Sandbox has inked a lot of prominent brands and investors as its partners, a move that has further solidified its outlook amongst investors across the board.

21Shares was founded by Ophelia Snyder and Hany Rashwan, both of whom have been named as Forbes 30 Under 30 personalities. As Synder told Forbes, investors want a more ambitious avenue to gain access to the broader digital currency ecosystem, hence the need to float a new product like The Sandbox.

“The conversation has really shifted away from, Is bitcoin going to exist in three years?, To what will the crypto ecosystem look like in three years? And that means that the types of discussions we’re having with institutional clients are much more sophisticated…and metaverse is one of those things where you’re starting to see real themes emerge in crypto,” says Snyder.

21Shares is Complementing Prior Metaverse Products

Before now, 21Shares has launched a metaverse-focused single product featuring Decentraland (MANA). The product has seen over $1 million in assets under management, however, the embrace of this product is somewhat lower when compared to similar offerings on offer by more established crypto asset managers respectively.

21Shares is not just a leader on the crypto ETP front, it is also one of the platforms pushing forth for a spot BTC ETF product to be floated in the US. Despite the US SEC turning down the application for this ETF filed in conjunction with ArkInvest, the startup has continually left a mark that has driven investors to crypto with greater ease.

With the launch of the Sandbox ETP, 21Shares has continued to showcase how innovative it is despite the waning interest in metaverse-hinged products as shown by search interests on Google Trends. However, Snyder is positive that these tapering slumps will be an avenue for a more massive uplifting for the entire industry.