coincodex.com
Key takeaways
- The Sandbox (SAND) is expected to rise by 2x by Q1 2024, following a +41% move in recent weeks
- The metaverse gaming platform has made it easier for users to deploy their creations into the virtual realm, which can help to boost demand for SAND tokens over time
- The SAND price prediction algorithm targets a +128% move from the current price by March, just weeks before the next Bitcoin halving event is due to take place
SAND expected to double in value within the next 6 months
The Sandbox (SAND) has enjoyed positive price action in recent weeks, climbing +41% from its October low to the current price of $0.391.
The 3D metaverse gaming platform has been a mainstay in the crypto top 100 since its inception and has continued to build throughout the bear market. The current lows may now be forming a strong demand zone as investors seek to gain exposure to GameFi ahead of the Bitcoin halving.
The SAND price prediction algorithm expects the platform’s native token to rise by 2x within the next 6 months. The move would take SAND from $0.391 to $0.895 by March, which is just a few weeks before the Bitcoin halving is due to take place. In total, this would be a +128% gain.
The Sandbox unveils new update that makes it easier for creators to share user-generated content
The Sandbox recently announced a key update for LAND owners in the metaverse world. LAND tokens are NFTs that The Sandbox users can buy and trade in the platform’s integrated marketplace. They represent parcels of 3D land that can be edited, modified, and customized in the metaverse, as The Sandbox provides a next-generation solution for user-generated content.
In a recent tweet, the project revealed that LAND owners can now deploy their creations instantly into The Sandbox metaverse. The freedom to generate custom experiences is at the very core of The Sandbox world, and the platform now hopes to make the function easily available to a broader number of users.
? THE METAVERSE IS NOW OPEN ?
— The Sandbox (@TheSandboxGame) November 3, 2023
Starting today, LAND owners in The Sandbox can instantly publish experiences on the map!
We're accelerating user-generated content to unleash the creative potential of creators like you. Let's build the metaverse together. #UGC #CreatorsDayHK pic.twitter.com/A2E8gNI2it
How does greater accessibility for The Sandbox’s in-game economy help the SAND token price to recover?
SAND tokens are used as the medium of exchange in The Sandbox marketplace. They are integral to the process of buying and selling LAND NFTs, and also for monetizing user-generated content (UGC).
The Sandbox relies on UGC at the foundation of the game, similar to other popular titles such as Minecraft — which is the best-selling PC game in history. A key difference for The Sandbox, however, is that users are given full custody over their creations and can monetize them through peer-to-peer trading on the platform’s integrated marketplace.
As a game type, The Sandbox is already very popular. It also brings UGC gameplay into a virtual reality landscape and allows each creator to gain full control over their creations. Over time, The Sandbox hopes that an increasing user base will generate more demand for LAND parcels, and a greater need for SAND tokens as a result.
Investors expect that the in-game economy of The Sandbox can provide natural buy pressure for the SAND token. As one of the leading GameFi projects in the crypto top 100, the platform is currently valued at $808 million market cap despite a -95% decline during the recent cryptocurrency bear market.
Bottom line: SAND enters strong demand zone after multi-year downtrend
The recent bear market has seen one of the top GameFi metaverse tokens, SAND, fall by -95%. However, the platform has continued to attract a dedicated user base and has been optimizing its gameplay in recent months.
After falling below a key bear market support level in August, SAND has successfully reclaimed $0.39. This price had formed a support/resistance level going all the way back to Q1 2021, and investors have seemingly treated the fall below as an area of interest.
A pronounced double-bottom formed between September and October at the $0.28 level that was swiftly followed by a +41% move. Since then, SAND continues to hold up well. The price prediction algorithm expects the asset to continue its recent uptrend, targeting a 2x move within the next 6 months that would take SAND back towards its 2023 high.