SAND breaches $3 after NFT Gaming platform Sandbox secures big investment

NFT gaming platforms are still controlling the maxim eyes in the crypto world. Yesterday on November 1, the trending NFT gaming platform, Sandbox, secured a new $93 million fund led by various crypto giants like SoftBank.

The Hong-Kong based gaming platform allows its users to create a virtual world using Non-Fungible Tokens (NFTs), inspired by social media like Facebook. This platform seems to be bringing a marking point for the revolutionary future NFT application in the world of digital gaming. 

The Sandbox platform works on the Ethereum blockchain to build, own, and monetize their gaming experience. It also provides users with tools to create assets on the platform with full ownership in the form of NFTs.

Animoca Brands, the famous blockchain game developing company, owns a majority of the share in Sandbox. This is the first investment of Vision Fund 2 of SoftBank in a company that issues its own native crypto token.

As TheCoinRise reported yesterday, SoftBank has also contributed to the Grayscale’s parent company DCG’s $700 funding round.

The upward motion of Sandbox (SAND)

Sandbox (SAND) has stopped coming down since Facebook’s Meta announcement last week. Other metaverse-linked cryptocurrencies are also joining hands with SAND. Recently, the price of the coin has skyrocketed to its all-time high (ATH) at $3.3.

However, after the sharp upward motion, SAND has decided to take some rest, but we expect a further boom really soon.

The SAND/USDT pair is currently trading around $2.73. In the daily chart, the coin has surged by more than 25%, with the RSI indicator experiencing huge selling pressure and signaling a bit of relaxation.

The coin has been up by more than 300% in the past 10-15 days. The upward rally is the result of Sandbox’s announcements regarding its major partnerships with famous firms and celebrities. Interestingly, the company has partnered with Snoop Dog, the trending rapper, to create a digital replica of his mansion in Sandbox’s metaverse.

The company’s co-founder and Chief Operating Officer, Sebastien Borget, said that the recent investment would boost the company creator’s economy. He further added:

“We are creating an open metaverse. We are making the Sandbox stand against those big tech firms who are claiming the metaverse to be theirs, offering an alternative where users are first”.