As the cryptocurrency market begins to rebound, it gained momentum after a leading metaverse-based altcoin announced a stunning partnership deal.
As the cryptocurrency market begins to rebound, it gained momentum after a leading metaverse-based altcoin announced a stunning partnership deal.
Sandbox Partners with ”Lionsgate Studios”
Sandbox (SAND), which fell to eight-month lows , rose today after announcing a partnership agreement with Lionsgate Studios. SAND rose 20% to $0.9715 after the announcement, but the metavese altcoin later lost momentum to $0.8647. Due to the ongoing sharp correction in the cryptocurrency market, SAND has been down for the past week. The critical partnership and the market recovery have caused the price of SAND to rise again. Lionsgate is one of the largest independent studios in the United States. The company now owns properties such as Hellboy, Rambo, and The Expendables that will appear in The Sandbox.
Sandbox will set up an area called “Action City” dedicated to Lionsgate Studios properties. As part of the partnership, Lionsgate’s “Action City” will feature popular licensed properties owned by the studio and its longtime collaborator Millennium Films. Sandbox claims the partnership makes Lionsgate the first major Hollywood studio to enter the metaverse. This is an important development for the mataverse-based altcoin project. Larger companies have also stepped into the metaverse caravan before. The platform has received a lot of attention from Adidas, Snoop Dogg, The Smurfs and has also sold land to big companies like HSBC. Financial details of the Lionsgate deal were not disclosed. Sandbox, owned by blockchain gaming giant Animoca Brands, is reportedly looking to raise capital with a valuation of over $4 billion.
Metaverse Promising Altcoins
Sandbox and other metaverse altcoins have suffered a serious drop in prices due to the sharp correction in the cryptocurrency market. However, the fact that altcoins such as The Sandbox and Decentraland are supported by huge metaverse projects and make striking partnerships indicate that new highs may come in the long run. In a time of rising inflation and high interest rates, investors often look for projects with a solid and reliable infrastructure. Therefore, investor interest in SAND is growing. SAND lost about 85% of its value in 2022.
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