SAND Rallies as Sandbox Unveils its Upcoming Metaverse Event

Source: The Sandbox

The Sandbox gaming platform announced The Sandbox Alpha, an upcoming event that will allow players to explore the ecosystem's metaverse for the first time and earn rewards in the process.

The news had pushed SAND, the native token of The Sandbox ecosystem, to its new all-time high of USD 3.63, dropping nearly 10% since. That said, it has gained over 28% over the last 24 hours, as well as nearly 40% in a week. At 9:39 UTC, the 66th coin by market capitalization was trading at USD 3.43.

SAND 7-day price chart. Source: CoinGecko.com

"The Sandbox Alpha is an open multi-week play-to-earn event starting on November 29 at 1PM UTC, in which players will have the opportunity to explore The Sandbox Metaverse for the first time, through 18 experiences created by The Sandbox’s teams," the project said.

Players with an Alpha Pass, a non-fungible token (NFT) ticket that will allow full access to all experiences, should be able to earn up to USD 1,000 worth of SAND plus three exclusive NFT rewards. Players without an Alpha Pass, on the other hand, can still access three experiences and a range of gaming quests.

The project aims to offer 1,000 Alpha Pass tickets to LAND Owners in The Sandbox, a virtual world where players can "build, own, and monetize their gaming experiences." Other ways to get a ticket include participating in daily social contests or purchasing one on the NFT marketplace OpenSea.

Meanwhile, the value of virtual land in The Sandbox has skyrocketed recently. "Land that sold for [USD] 48 in a presale in December 2019 now has a floor price of more than [USD] 4000," DappRadar reported earlier this month.

During the 7-day period leading to November 3, The Sandbox saw USD 7m in trading volume, up by 645%. Further, the project recorded USD 4.2m in trading volume in the first three days of November alone, with the number of traders increasing by 3x, as per DappRadar.

USD 4.2m is "more than the dapp generated in the entire month of September," they said, estimating that "November will become the biggest trading month in the history of The Sandbox."

Lands sell out with a regular price tag of SAND 1011 (USD 3,290) per parcel. Premium lands, those surrounding major social hubs that are expected to experience higher traffic, sell for more.

Source: DappRadar

In early June, a piece of virtual land was sold for SAND 3.6m, or approximately USD 650,000 at the time of the auction.

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