Short-term traders in The Sandbox increase by 32% as large companies join the Metaverse
InTheBlock Analytics reports tremendous growth in the number of short-term traders or addresses holding The Sandbox (SAND) for less than a month amid renewed interest in the metaverse.
The on-chain analytics firm notes that the price of The Sandbox has spiked as new players like HSBC are joining the Metaverse via Sandbox. The number of short-term traders, or addresses holding for less than a month, has also increased by 32.37% in 30 days.
According to IntoTheBlock’s incumbent composition for The Sandbox, this address category represents 20% of all incumbent addresses. Most of them, ie 77% of holders, have held their shares for less than a year.
The Sandbox is a virtual gaming world where players can build, own and monetize their gaming experiences. Digital land continues to be in high demand, and The Sandbox remains one of the most competitive Metaverses to rival Decentraland.
Sandbox partners with HSBC
the Sandbox announced a partnership with HSBC, one of the world’s leading international banking and financial services companies.
HSBC is the first global bank to enter The Sandbox Metaverse. The bank will purchase a plot of land in The Sandbox Metaverse, which it plans to develop to engage with sports, e-sports and gaming lovers. The development of HSBC in the virtual plot of land remains undisclosed.
Enter the Metaverse
The Sandbox’s global partner brands include Gucci, Warner Music Group, The Walking Dead, Snoop Dogg and Adidas.
The Sandbox and Warner Music Group, or WMG, announced a partnership in late January to establish a musical theme park and concert venue within the game Metaverse. Warner Music made its first foray into the nonfungible token (NFT) Metaverse with this venture.
Although the Metaverse concept has been around for a long time, it only recently came to mainstream attention when Facebook changed its name to Meta to emphasize its focus on the virtual world. Since then, several major companies and brands have registered trademarks to sell virtual items in the metaverse.
