The Sandbox native token, SAND, jumped from eight-month lows following Friday’s announcement of a collaboration between the metaverse and Lionsgate Studios.
As a result of the news, SAND surged as high as 20% to $0.9715, before reversing course to trade at $0.8647. The move helped SAND overcome a seven-day losing run in the face of gloom in the bear market.
Lionsgate is one of the biggest private studios in the United States, and it owns Rambo, Hellboy, and The Expendables, all of which will soon be featured in The Sandbox.
— Lionsgate (@Lionsgate) June 15, 2022
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The Sandbox (SAND) Soars 3.78%
At the time of writing, SAND was trading at 0.873, up 3.78 percent from its daily high of $0.9753. The 24-hour trading volume on the Sandbox was $269.75 million.
As of Friday, the circulating supply of SAND is 1.25 billion and the maximum supply is 3 billion.
Based on their increased production in the horror and action domains, the metaverse has devised a comprehensive transition plan, and Lionsgate will contribute to adapting its characters and captivating stories to web3-compatible platforms.
Lionsgate is one of the biggest private entertainment studios in the United States. Image: Deadline.
The Sandbox Guns For Over $4 Billion Valuation
The Sandbox, which is owned by blockchain gaming behemoth Animoca Brands, reportedly seeks to attract funds at a valuation of more than $4 billion.
This will not be The Sandbox’s first significant partnership, as it has already hosted material from Snoop Dogg, The Smurfs, and Adidas and sold LAND to financial institutions such as HSBC.
SAND total market cap at $1.06 billion on the daily chart | Source: TradingView.com
Crypto & Metaverse Going Stronger Despite Market Turmoil
“We’re thrilled by the new possibilities our strategic relationship with The Sandbox will offer our community.”
The bulk of cryptocurrencies have not been left behind as crypto markets continue to undergo a precipitous downturn.
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Featured image from Actu Crypto.info, chart from TradingView.com