Sandbox is one of the most significant Metaverse cryptocurrency to watch this year.
Based on CoinMarketCap data Sandbox (SAND), currently sells at $1.31. That’s an increase of 20%.
The rally occurs just days after Microsoft and Meta, among other technology giants, announced the founding of the so-called “Metaverse Standards Forum.”
Research continues on other aspects of virtual realities, since the Sandbox environment is now more than just a gaming platform.
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Seven Straight Green Candles Lighted by Sandbox (SAND).
The SAND chart shows that the daily timeframe chart received seven consecutive green candles.
The SAND price is near the $1.11 mark and faces severe supply pressure. Intraday trading volume reached $386 million which suggests a 3.22 per cent decline.
Source: Tradingview
Friday night’s bulls blasted over the 10-day horizontal boundary, propelling the price of SAND cryptocurrency well above the bearish’ critical hedging level of $0.90.
On the contrary, the SAND token’s recent bottom has provided significant support for bulls.
Sandbox allows you to buy virtual land parcels using Ethereum. The value of virtual property can reach several million dollars at times, making it possible for everyone to reap the benefits of the metaverse’s success.
The ‘Metaverse Standards Forum’
Based on speculations on social media, Sandbox might be under the attack of a well-known tech company looking to take over.
Metaverse Standards Forum’s declared goal, unveiled Wednesday, was to encourage coordination and cooperation among hundreds of companies competing for positions in the huge metaverse landscape.
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Reuters reports that Neil Trevett from Nvidia, the executive who chairs the MSF, said any company can join it, even those within the crypto sector.
A property in Sandbox was recently acquired by HSBC, one of the world’s top banks. HSBC’s interest in Sandbox metaverse lands indicatesthat they appreciate its significance.
Source: TradingView.com| Source: TradingView.com
Meta Eyeing Sandbox Buyout?
On Sunday, The Sandbox co-founder and COO Sebastien Borget replied to Messari on Twitter if Meta purchasing a virtual world like The Sandbox Game makes him “bullish.”
Borget’s response was brief and unequivocal:
“This will never happen.”
Many Web3 community members still remain skeptical. Animoca Brands’ founder and executive chairman, Yat Siu, has previously referred to Meta’s goals as “digital colonialism.”
Animoca Brands, a venture capital and software company worth $5 billion, is responsible for a number of metaverse projects including The Sandbox.
Danny Greene, general manager of the Meebits DAO, stated to a crypto news outlet that customers will ultimately battle for a decentralized future and that “these are companies that represent shareholders.”
Featured Image from Smart Valor. Chart from TradingView.com