The Sandbox
Large-Cap Ethereum-Based Altcoin on the ‘Verge of a Breakout,’ Could Explode by Over 60%, According to Trader
Cryptocurrency analyst and trader Ali Martinez is expressing bullish sentiment on a leading Ethereum layer-2 altcoin. Martinez tells his 37,900 followers on the X social media platform that Polygon (MATIC) could surge by nearly 65% from the current level and hit a price of $1.73 if it breaks out of a key resistance level. According […]
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Analyst Predicts 200% Rally for Ethereum Competitor, Says One Low-Cap Altcoin Showing Signs of a Breakout
A closely followed crypto analyst believes that one Ethereum (ETH) challenger is gearing up for a breakout rally on the way to printing gains of about 200%. Trader Ali Martinez tells his 37,800 followers on the social media platform X that the smart contract platform Fantom (FTM) appears to be forming a large bullish reversal […]
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Trader Warns Blue-Chip Ethereum Rival Flashing Bearish Signal, Says Metaverse Altcoin Gearing Up for Upswings
Crypto analyst and trader Ali Martinez is warning that one Ethereum (ETH) rival is suddenly flashing a bearish signal. Martinez tells his 37,500 followers on the social media platform X that interoperability blockchain Polkadot (DOT) could decline by more than 20% from its current value. According to the trader, the Tom DeMark (TD) Sequential indicator, […]
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‘Tens of millions’ to enter Web3 through gaming in 2024 — GameFi execs
Gaming studio founders Yat Siu and Johnson Yeh think more people are coming to Web3 next year — and blockchain games are why.
Crypto market hype and the “commercial release” of several highly anticipated blockchain games will likely onboard “tens of millions” gamers to Web3 in 2024, according to Web3 gaming execs.
“2024 is a growth year in terms of bringing people on to Web3,” said Yat Siu, co-founder of gaming and venture firm Animoca Brands, in an interview with Cointelegraph.
In the last three months, around 1 million — or more — unique active wallets have played Web3 games daily, according to DappRadar data. However, Siu believes there could be up to 100 million more next year.
Metaverse is dead in the West, but ‘so hot’ in Asia: Sandbox co-founder
Sandbox co-founder Sebastian Borget says the metaverse sector is thriving in Hong Kong, Korea, and Japan.
The metaverse might feel like it's “dead” for users living in the United States but the industry is thriving throughout Asia, says The Sandbox co-founder and COO, Sebastien Borget.
Speaking to Cointelegraph at the Asian Blockchain Gaming Alliance's Web3 Summit in Singapore on Sept. 12, Borget said that over the last year, roughly 50% of Sandbox’s business has come from several countries in Asia.
“If you don't focus on Asia, you will think the metaverse is dead from the North American and the Western side,” said Borget.
“But it's so hot in Asia. Hong Kong and Korea are the top two markets followed by Japan.”
Meanwhile, Borget noted that he is soon to announce the launch of Lion City on stage at Token 2049 in Singapore, a new neighborhood of 512 virtual land plots in the Sandbox metaverse, that aims to showcase Singapore’s culture through a partnership with a number of global brands.
Borget aldetailed how The Sandbox had just closed a major virtual land sale in Turkey where the metaverse has what he described as a “big ecosystem.”
“The Sandbox ecosystem has grown to well over 400 brands, 700 partners around the world and 200 verified agencies that are building on Sandbox,” he added.
Despite the slowing use of the metaverse in the West, Borget looked to a number of new developments in the Web3 and virtual reality sector more broadly with a sense of optimism.
The first notable development was the introduction of dynamic NFTs, which allow the creators to alter the metadata and change the appearance and features of a given asset.
“I feel like every NFT has to become truly unique, not just in appearance, but in all the metadata attributes.”
“We often do this comparison with the real world, where it's like: if I buy a tennis racket — is it the same if I buy it, and it has been used by Pete Sampras, before or after?” Borget jested.
Additionally, Borget noted the release of Apple’s Augmented Reality Vision Pro headset as a major step forward for the metaverse industry, with the extended-reality features allowing for digital assets in physical environments to look just as real as real ones.
Related: Animoca plans to develop digital IDs and point system for Web3
“This leads to digital assets becoming even closer to you. Instead of just sitting in a wallet that you have to open in a certain browser or application page, but in your surrounding environment,” Borget explained.
“Now that you can see your content close up, you can interact with it even more.”
Ultimately, Borget concluded that there’s no right or wrong way for the metaverse sector to foster widespread Web3 adoption.
“There’s a good position of the traditional gaming industry that believes Web3 adoption will only come if you provide games that provide the same level of quality as web2 games where blockchain is a feature.”
While Borget admitted that might be a strong use case for many gaming companies in the space, he noted that metaverses like The Sandbox help create new experiences for users that differ from the world of traditional gaming.
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XRP, Shiba Inu and Two Additional Altcoins Witnessing Increased Interest From Whales, Says Santiment
Crypto analytics platform Santiment is singling out four top altcoins that are experiencing increased interest from whales. Santiment’s director of marketing Brian Quinlivan says that the four altcoins are “seeing some major whale activity that could indicate they could have some nice rebounds if and when crypto starts to stabilize again.” Starting with XRP, Quinlivan […]
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Metaverse project The Sandbox unlocks $133M worth of tokens
The next batch of token unlocks for The Sandbox is on Feb. 14, 2024, and will unfreeze over 200 million SAND for its team, company reserve and advisors.
Metaverse platform The Sandbox (SAND) has unlocked a total of 332 million SAND tokens, which is around 16% of the digital asset’s current circulating supply. The unlocked tokens are worth around $133 million at the time of the unlock.
On Aug. 14, The Sandbox proceeded with its scheduled unlock for over 300 million tokens. According to the vesting schedule tracker Token Unlocks, The Sandbox unlocked 71 million for its team, 37.5 million for its advisors, 96.8 million for its company reserve, 24 million for its strategic sale buyers and almost 103 million tokens for its seed sale participants. Each of these holders are now able to trade their tokens into the open market.
A token unlock is normally very bearish for digital asset prices, as it unfreezes liquidity and injects it into the open market. The SAND token has been on a bearish trend since 30 days ahead of the unlock.
On July 15, the token hovered around $0.45. The price then dropped to $0.39 at the time of writing. Currently, SAND’s 24-hour trading volume sits at $106 million according to coin information website CoinGecko.
The schedule for the next batch of unlocks for SAND tokens is on Feb. 14, 2024. By that time, around 205 million tokens will be unfrozen and allocated to its team, company reserve and advisors.
Related: Wintermute moves over $4M of Optimism tokens to Binance ahead of OP unlock
Meanwhile, The Sandbox has consistently been onboarding various players into the metaverse. On July 28, the company partnered with the British Museum in an effort to make artifacts within the museum's collection more accessible to the public. The partnership allows The Sandbox players to learn about history, art and culture through the museum.
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FTX and Alameda Research May Have Used Social Media Bots To Manipulate Crypto Market, Says New Study
New research finds that Twitter bot accounts may have lifted the prices of digital assets listed on embattled crypto exchange FTX and traded by its hedge fund arm, Alameda Research. The study, conducted by the Network Contagion Research Institute (NCRI), examined more than three million tweets between January 1, 2019, to January 27, 2023, that […]
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The Sandbox implements KYC measures for protocol staking
Unverified users can still withdraw staked SAND but will be unable to make further deposits.
Metaverse platform The Sandbox will require Know Your Customer (KYC) verification for its staking processes, according to an Aug. 3 announcement.
The announcement stated that only verified users could deposit The Sandbox (SAND) tokens, which are native to the platform, and claim staking rewards, while non-verified users will be placed into withdraw-only mode. Data from blockchain analytics firm Messari shows that 123 million SAND, or 6.7% of the token’s circulating supply, is currently staked by users. The Sandbox developers wrote:
“To enhance user security and compliance, we have implemented KYC verification for our staking process. Our goal is to ensure that our users’ accounts are verified before they can participate in staking or claim their earnings."
On June 6, Cointelegraph reported that SAND was one of 68 cryptocurrencies the United States Securities and Exchange Commission (SEC) deemed to be a security in its latest lawsuits against Binance and Coinbase. SAND was deployed on the Ethereum blockchain in 2012 by San Francisco gaming firm Pixowl. In 2018, Hong Kong-based Animoca Brands acquired Pixowl via its subsidiary TSB Gaming, intending to build a 3D metaverse utilizing blockchain technology.
Citing various initial exchange offerings and private sales conducted by developers over the years, the SEC alleges:
"The information TSB publicly disseminated has led SAND holders, including those who have purchased SAND since May 2022, reasonably to view SAND as an investment in and to expect to profit from TSB's efforts to grow the Sandbox protocol, which, in turn, would increase the demand for and the value of SAND."
Since the publication of the Coinbase lawsuit, Animoca Brands co-founder Yat Siu has criticized the lack of “consistency" regarding SEC regulations and praised Hong Kong’s shifting attitude toward blockchain.
To enhance user security and compliance, we have implemented KYC verification for our staking process. Our goal is to ensure that our users' accounts are verified before they can participate in staking or claim their earnings.
— The Sandbox (@TheSandboxGame) August 3, 2023
Unverified users can still withdraw their $SAND,…
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