The blockchain gaming ecosystem has seen rapid growth in 2021 as NFT tokens and play-to-earn gaming models provide new revenue opportunities for people around the world while also bringing New users to cryptocurrencies
One project related to gaming and the creation of the Metaverse is The Sandbox (SAND), a blockchain-based virtual world where users can create, buy, and sell digital assets in the form of games.
The Sandbox (SAND) token price, after hitting a low of $0.70 on Oct. 27, has jumped 393% to a new all-time high of $3.45 on Nov. 3. 24 hours a day increased to $9 billion
Three reasons for the sudden spike in SAND prices are a $93 million funding success, an ever-expanding ecosystem that continues to work with new partners, and a project-supporting environment that allows them to grow. Resellers engage with their communities while also earning a share of the revenue generated by their efforts.
SAND Raises $93 Million in Series B Funding Round
On November 2, The Sandbox announced that the project had completed $93 million in Series B funding led by SoftBank Vision Fund 2.
The team behind SAND states that the fund willleadgouseto help scale up ecosystem growth strategies including operations and player acquisitions
These plans also include adding new games, live shows, and social experiences that encourage community engagement. and create a revenue-friendly environment for creators, brands and intellectual property.
Growing list of ecosystem partners
The second factor behind SAND’s surge is the high-profile partners that have come to buy the digital land within The Sandbox.
The Sandbox Ecosystem welcomes Quan, a collection of Japan’s most popular messengers and stickers. and to be part of entering the ecosystem More than 300 LANDs will be auctioned, including 100 premium LANDs equipped with NFTs.
Incentives for creators
Another reason Sandbox is growing is a compelling creator incentive. It is given to developers and artists who come to create within the ecosystem.
And to demonstrate the project’s focus on helping creators develop their brands, The Sandbox provides 95% of revenue for creatives generated from the products they sell on the platform. And 50% of all SAND revenue will be reinvested in the Sandbox Foundation.
The foundation’s treasury funds, which total more than $100 million, will be used to fund artists, creators and players.