During the prolonged cryptocurrency bear market, The Sandbox has managed to maintain its resilience through significant collaborations with luxury brands and entertainment industry giants, alongside a dedication to creating new experiences and events. At NFT Paris, Sebastien Borget, the co-founder, and Arthur Madrid, the CEO, discussed the rejuvenated interest in the metaverse platform’s native token, alongside new alliances with prestigious brands such as Gucci and Lacoste.
They also shared their long-term ambitions to keep The Sandbox as the premier destination for virtual experiences in the Web3 domain, emphasizing their strategic moves to navigate the challenges and seize opportunities within this evolving landscape.
Interest in The Sandbox Continues
A recent report from blockchain data analytics company Messari has showcased a revived interest in The Sandbox platform and its SAND token, indicating a notable resurgence. The circulating market cap of SAND surged by 89% in the fourth quarter of 2023, leaping from $649 million to $1.2 billion. This increase outstripped the overall market cap growth of all cryptocurrencies within the same timeframe.
Furthermore, The Sandbox has seen considerable growth in its activities related to the creation and trading of in-game assets and experiences, with LAND sales being the sole exception. There was a 73% rise in the daily average of active non-LAND buyers and a 233% increase in non-LAND mines. Similarly, daily average non-LAND secondary sales and daily average non-LAND secondary volume saw an uptick of 173% and 78%, respectively, during Q4.
Additionally, The Sandbox has established new collaborations with several high-profile brands and entities, including Warner Music Group and the Notorious B.I.G avatar collection, Japanese software developer Drecom, and the Singaporean media giant MediaCorp.
Notable Statements from the Sandbox Manager
The Sandbox was established in 2018 amidst a downturn in Bitcoin and the broader cryptocurrency market, following their peak in late 2017. Borget emphasized the company’s commitment to growth during these challenging cryptocurrency bear markets, stating:
“We’ve focused on rolling out product updates and prioritizing creators, enabling them to forge new content experiences. Last year marked the release of significant updates, such as the launch of in-map publishing, which has resulted in thousands of playable experiences.”
He also highlighted that the sale of in-game assets, including wearables and NFTs, does not solely represent the platform’s activity or growth, remarking:
“The necessity for constant NFT purchases does not equate to an active platform. I believe the bear market has not fully grasped this concept.”
Borget mentioned that The Sandbox actively collaborates with creators, companies, and brands, particularly targeting the Asian markets where there is a stronger openness to the Web3 and metaverse vision he and Madrid share:
“Countries like Turkey, Thailand, Singapore, Korea, Japan, Hong Kong, and India have become pivotal in driving growth for The Sandbox, even through the bear market. We’ve managed to sell out all our land sales in these regions.”
In 2023, The Sandbox conducted eight primary LAND sales, retaining the proceeds, and launched 17 avatar collections. Borget noted that many of these sales have been successful, underscoring the platform’s ongoing expansion and engagement strategies.
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