invezz.com
The Metaverse is currently at the top of discussions in the crypto and tech fields. Platforms already operating in the virtual world for years are having a field day due to increased interest and demand. The Sandbox (SAND/USD) is among the virtual world platforms recording major gains.
During the first 3 days of November, The Sandbox recorded $4.2 million in trading volumes. These volumes are higher than what the platform recorded in the entire month of September, and if the trend holds, the firm will break more records before the month ends.
Demand for virtual land is high
Over the past week, the demand for land in The Sandbox has been significantly high. The platform sold its first parcel of land in December 2019, and at the time, it took around 4 hours for one trade to be settled.
At the time, a parcel of the land went for around $48 worth of Etheruem (ETH/USD). In September, the prices had grown immensely as one parcel cost around $616. Premium land has even gone as high as to start trading at around $2856.
Over the past week, trading volumes at The Sandbox have increased by 645% to reach $7 million. The rise in prices is attributed to the increased number of traders in the platform who are looking for a way to benefit from the gains that this sector is making due to the increased popularity of the Metaverse.
The Sandbox receives $93M funding
Recently, The Sandbox received $93 million funding in an investment round led by Softbank’s Vision Fund 2. The platform had closed another funding round around a year back. However, the current funds come as the company enjoys fast volume growth and the number of active users.
The Sandbox intends to use part of the $93 million funding to create more partnerships with creators and brands in both the gaming and crypto sector. Part of the land that has not yet been sold is intended to be used for this purpose.
The Sandbox is a blockchain gaming developer that was recently acquired by Animoca Brands. The platform allows gamers to create, own and monetize their virtual gaming experience on the Ethereum blockchain. The platform offers access to NFTs and tools to develop other assets.