IntoTheBlock analytics reports a considerable growth in the number of short-term traders, or addresses holding The Sandbox (SAND) for less than a month amid renewed interest in the Metaverse.
The on-chain analytics firm notes that the price of The Sandbox has spiked as new players like HSBC are joining the Metaverse via Sandbox. The number of short-term traders, or addresses holding for less than a month, has also increased by 32.37% in 30 days.
According to IntoTheBlock's holder composition for The Sandbox, this category of addresses makes up 20% of all holder addresses. The bulk, or 77% of holders, have held within a year.
The Sandbox is a virtual gaming world where players can build, own and monetize their gaming experiences. Digital land continues to be in high demand, and The Sandbox remains one of the most competitive Metaverses to rival Decentraland.
Sandbox partners with HSBC
The Sandbox has announced a relationship with HSBC, one of the leading international banking and financial services companies in the world.
HSBC is the first global bank to enter The Sandbox Metaverse. The bank will purchase a plot of land in The Sandbox Metaverse, which it plans to develop to engage with sports, e-sports and gaming lovers. The development of HSBC in the virtual plot of land remains undisclosed.
Entering the Metaverse
Global brands partnering with The Sandbox include Gucci, Warner Music Group, The Walking Dead, Snoop Dogg and Adidas.
The Sandbox and Warner Music Group, or WMG, announced a partnership in late January to establish a musical theme park and concert venue within the game Metaverse. Warner Music made its first foray into the nonfungible token (NFT) Metaverse with this venture.
Although the Metaverse concept has long existed, it was only recently brought to the attention of the general public when Facebook changed its name to Meta to emphasize its focus on the virtual world. Several large firms and brands have registered trademarks to sell virtual things in the Metaverse since then.