The Sandbox, a company specializing in Ethereum-based metaverse and gaming, announced a partnership with Japan’s animation powerhouse Toei Animation on February 16.
In addition to this collaboration, The Sandbox revealed its acquisition of Minto, a firm engaged in advertising, character production, webtoons, and web3 ventures within the same sector.
Toei Animation, a trailblazer in Japanese animation, is behind some of Japan’s most significant and globally renowned animation productions, including ‘Dragon Ball’, ‘Sailor Moon’, and ‘One Piece’.
This announcement highlighted that the partnership aims to “bring Toei Animation’s worldview to life through the immersive experiences crafted in its narrative.” To commemorate this collaboration, The Sandbox has declared it will distribute 1,000 free NFTs to early participants.
However, it was noted in the blog post that these NFTs will not be based on Toei’s intellectual property. Satoshi Shinohara, Managing Director of Toei Animation Co. LTD., expressed his enthusiasm about the partnership:
“We are extremely delighted and honored to collaborate with The Sandbox and Minto as our partners. I am fully convinced that the ‘Fleet’ we have assembled will unveil new continents and chart new courses that will steer the entertainment industry for many years to come.”
SAND price not reacting
The SAND price has surged by 24% in the last two days, propelling the Relative Strength Index (RSI) into the overbought zone. Amidst this bullish trend, the altcoin disregarded two ‘sell’ signals indicated by red ‘ones’ from the Momentum Reversal Indicator (MRI).
According to the Fibonacci extension tool, if the bullish momentum continues to strengthen, SAND’s price could reach the 161.8% Fibonacci extension level at $0.824. In an especially bullish scenario, the altcoin might even retest the 261.8% Fib level at $0.917, culminating in an overall gain of 15%.
Conversely, if the SAND price retreats and a four-hour candlestick closes below $0.692, it would establish a lower low and negate the bullish scenario for SAND. As per the latest data from metaverseplanet.net, SAND is currently trading at $0.78.
Unlocking SAND is on the agenda
Token Unlock has announced a significant update for The Sandbox (SAND) that could majorly influence the network. According to a recent tweet, 372.57 million SAND, valued at $260 million, will be unlocked, representing 12.4% of the total supply.
Following the unlock, these tokens will be distributed at various ratios: 12% to the Binance (BNB) Launchpad sale, 17% to the seed sale, 12% to the foundation, 19% to the team, and over 25% to the reserve.
This development could capture the interest of investors, especially considering that historical patterns suggest complexities may arise. Notably, two instances of SAND unlocking last year each preceded drops in the token’s price.
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