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- 1 Sandbox is currently trading at $0.6304 (press time) with an increase of 0.42% intraday.
- 2 The platform enables users to be creators and gamers at the same time through its “play-to-earn” model, emphasizing creativity.
The Sandbox Chronology
The Sandbox, created by Pixowl in 2011, is a blockchain-based virtual world that enables users to create, buy, sell, and build digital assets in a gaming environment. Utilizing DAOs and NFTs, The Sandbox has developed a decentralized ecosystem that fosters a thriving gaming community. The platform relies on its SAND utility token to facilitate secure transactions and maximize blockchain technology. As a result, individuals can now take part in a decentralized digital world as both creators and players.
Sandbox Native Tokens:
The Sandbox platform employs a range of native tokens to enable user interactions, including SAND. As an ERC-20 token, SAND holders receive rewards for holding it, and it serves as in-game currency. The token is also essential as a utility token that facilitates all platform transactions. Moreover, as a governance token, SAND holders may participate in the DAO’s voting process. SAND tokens have various applications – these are required to engage with NFTs, acquire virtual land plots, and gain access to other benefits.
Sandbox Fundamentals:
According to CoinMarketCap, as of March 2021, 680,266,194 SAND tokens were in active circulation, representing 23% of the maximum and total supply of 3,000,000,000 SAND tokens. Out of the total token supply, 25.82% is in a company reserve, 17.18% was allocated for the seed sale, and 31% went to the founders and team members. The dedicated Binance Launchpad Sale received 12%, and 10% was given as a reward to project advisors.
The Sandbox has teamed up with over 60 partners, including famous brands like the Smurfs and Care Bears, dApp game studios like Dapper Labs, and investors who support the project. They also partner with old-school gaming companies like Atari and popular electronic artists like deadmau5 and Snoop Dogg to create unique experiences in The Sandbox’s virtual world. The protocol has teamed up with many other popular names like Adidas, Avenged Sevenfold, RollerCoaster Tycoon World, and Hell’s Kitchen to expand the metaverse.
The Sandbox Price Prediction: Technical Analysis
Sandbox’s previous All-Time-High was recorded on November 25th, 2021 when SAND was priced at $8.40. Sandbox is currently consolidating between its primary resistance of $0.633 and its primary support of $0.531. This indicates that neither sellers nor buyers have the upper hand in the market. SAND price started off 2023 on a bullish note as it reached its secondary resistance with the support of accumulated buyers in the market as can be seen in the chart.
RSI is in the oversold zone and produced a positive crossover on the 1-day chart indicating strong bullish intent. However, the MACD and the signal line are stranded near zero which shows neutrality in the market and indicates strength in the current consolidation phase.
Conclusion
At press time, Sandbox is trading at $0.6304 with a 0.42% increase intraday. SAND utility token is essential for secure transactions on the platform and maximizing blockchain technology. As of March 2021, 680,266,194 SAND tokens were in circulation, representing 23% of the maximum supply of 3,000,000,000 SAND tokens as of March 2021. Technical indicators are neutral.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
