According to the latest IntoTheBlock analytics, a considerable increase in the number of addresses holding The Sandbox was recorded some days ago amid the rising entry into the Metaverse.
The crypto on-chain analytics company also revealed that the value of the platform had grown significantly in a period that witnessed the entry of corporate players like the popular banking behemoth, HSBC, move to the Metaverse on The Sandbox platform.
Additionally, the number of addresses in The Sandbox record a significant growth of 32.37%, along with the current value of the network. The Sandbox token has also surged by 8% following the movement of the latest entrants.
As per IntoTheBlocks’ breakdown of the composition of address holders for The Sandbox, the category of addresses joined in less than a month made up a sizable percentage of the holders, 20%, in comparison, 70% of the address holders have held their address for nearly a year.
The Sandbox is a leading virtual gaming platform where gamers are provided with the space to create and monetize their virtual gaming experience. The demand for virtual land is rising, and The Sandbox is deemed one of the most competitive Metaverse gaming platforms to go head-to-head with Decentraland.
HSBC in Partnership With The Sandbox
One of the largest international banking and financial service providers globally, HSBC is partnering with The Sandbox to venture into the Metaverse. Accordingly, HSBC is also the first global banking player to move into The Sandbox Metaverse.
As part of the deal, HSBC will buy a plot of virtual land in The Sandbox Metaverse with a plan to develop it for sports engagement e-sports and add more virtual gaming experiences for game lovers. However, the planned development of the virtual plot of land by HSBC has not been disclosed in writing.
Going Into The Metaverse
Before the recent announcement of the partnership between The Sandbox and HSBC, the former had a previous partnership with leading global brands. Some of them include Warner Music Group, Gucci, The Walking Dead, Adidas, and the hip-hop sensation, Snoop Dogg.
In the latter days of January 2022, The Sandbox and Warner Music Group announced a partnership agreement to create a music theme space and concert venue in the Metaverse. The agreement signaled the first move by Warner Music Group into the NFT Metaverse.
Moreover, the concept of the Metaverse is not a recent phenomenon. It has long been in existence but only managed to attract the public’s attention following the name change of the largest social media platform, Facebook, to Meta.
According to the CEO of Facebook, Mark Zuckerberg, the change of name is necessary to hasten the focus of the social media giant on the virtual space.
Since then, large firms and brands have filed trademark registrations to enable them to begin a transaction in the virtual space.
The Metaverse is expected to dominate the virtual ecosystem for the future sales of products and services.
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