SAND, the Sandbox’s native token, rose from eight-month lows on Thursday after the metaverse announced a deal with Lionsgate Studios.
After the announcement of a partnership with Lionsgate Studios, the price of the Sandbox (SAND) has increased as high as 20% to $0.9715, before reversing part of its gains to trade at $0.8647. The announcement helped SAND snap a seven-day losing streak despite broader crypto market volatility.
Lionsgate is one of the largest independent studios in the United States, and it owns titles such as Hellboy, Rambo, and The Expendables, all of which will appear in The Sandbox.
The metaverse will now construct a region dedicated to Lionsgate media products, named “Action City.”
Lionsgate Partnership Increases Licensed Interest In The Sandbox
Lionsgate’s “Action City” will contain popular licensed properties from the company as well as Millennium Films, a long-time collaborator.
According to The Sandbox, the partnership makes Lionsgate the first major Hollywood studio to enter the metaverse. However, this is far from the metaverse’s first fruitful collaboration.
Adidas, Snoop Dogg, and The Smurfs have all contributed content to the virtual platform, which has also sold land to prominent corporations such as HSBC.
The financial terms of the Lionsgate deal were not disclosed.
The Sandbox, which is owned by Animoca Brands, is aiming to raise cash at a valuation of more than $4 billion.
The Sandbox and its peers’ token prices have plummeted this year as crypto markets have crumbled. However, their backing by an established metaverse, particularly for The Sandbox and peer Decentraland, may give them a leg up on their smaller competitors.
Investors typically search for initiatives with a concrete product or service during times of rising inflation and high-interest rates, as The Sandbox and most of its metaverse colleagues can confirm.
This may provide SAND with some durability in the face of continuous turbulence in the cryptocurrency market. Nonetheless, the token has lost almost 85 percent of its value in 2022.
