The Sandbox’s native coin (CRYPTO: SAND) has increased by more than 600% since Facebook’s rebranding as Meta and by 25% after Adidas seemed to announce a connection with it (in a tweet). But what exactly is it? The Sandbox is an ethereum-based blockchain project that allows users to create and explore galaxies in a virtual universe (similar to Mindcraft).
It was once a mobile and PC game before being bought by Animoca Brands in August 2018. (and was brought into the blockchain).
Players execute tasks such as creating a certain substance with the help of other elements. They may also save their work and display it in a public gallery (which is arguably where there is great potential for the world of NFTs to come in further).
Binance, Upbit, Huobi, Uniswap, Kukoin, LCX, Bittrex, Lbank, Gemini, Indodax, crypto.com, Latoken, Bitmart, Liquid, MXC, Poloniex, Simplex, Tokyocrypto, Wazirx, Nbf, Bithumb, and MAX accept SAND.
According to Coinbase, SAND is currently trading for A$10.09 and has grown 96.51 percent in the previous 7 days.
Never spend more money than you can afford to lose in any cryptocurrency, especially a tiny, risky one like SAND.
Although well-known coins such as Bitcoin and Ethereum have recently gained more mainstream acceptance, with ASIC only a month ago approving the trading of Bitcoin and Ethereum ETFs (as well as the ASX’s first crypto-focused ETF – CRYP – launching), the world of individual cryptos such as SAND remains a bit of a wild west.
Investing in individual cryptos such as SAND is fundamentally riskier than investing in a legal crypto ETF or a more well-known currency such as Bitcoin (and even these have a reputation for being volatile compared to your bread and butter non-thematic ETFs on the ASX or S&P 500, which simply track the traditional market index). SAND, on the other hand, may be a portfolio-altering game-changer if you’re willing to play with fire (for better or worse).
Because of how swiftly it has risen in the ranks, many people feel The Sandbox is a potentially rewarding investment with a lot more legs, despite the fact that it is intrinsically dangerous due to its diminutive size (compared to major hitters like Bitcoin and Ethereum).