In 2021, the price of the SAND tokens has significantly increased. According to tradingview.com, the YID return was +1490% this year. Meanwhile, the growth of the gaming industry is so captivating that many investors are putting more money into crypto gaming tokens. More and more people are becoming interested in investing in Non-Fungible Tokens (NFTs). The SAND token’s unique features have made its price soar since late June 2021, making it one of the most successful crypto gaming tokens this year in terms of price movement
What is SAND token?The Sandbox (SAND)
SAND is an ERC-20 utility token running on the Ethereum Blockchain. It has a maximum supply of 3,000,000,000 SAND coins. It is used for the Sandbox ecosystem, a virtual reality platform where gamers can create their empire and complete missions. Users can also use their SAND tokens to join gaming activities such as buying and selling digital lands, purchasing gaming items or characters, and participating in voting.
What determines SAND’s price?A limit to the number of digital lands
It is required to purchase digital lands by using SAND tokens and the Sandbox has a maximum number of 166,464 lands. This means that demand for virtual lands will continue to increase when the Sandbox’s land is fully acquired. Following the economic principle of supply and demand, higher demand with limited supply leads to higher prices.
As digital lands and characters are minted as Non-Fungible Tokens (NFTs), they can be purchased not only on the Sandbox Marketplace but also OpenSea. This makes it more convenient and easier for players to hold more game assets.
2. Land Auction in 2021Auctions for the sale of more than 10,000 lands on the Sandbox were held for 5 weeks with 5 rounds in total, starting on June 24, 2021. According to Sandbox’s tweet on 9 July, 400 lands, which consist of 300 LANDs and 100 Premium LANDS, were sold out in less than 1 minute during the third-round auction. Also, there were new 305 landowners, with a total value of 734,000 SANDs ($340,000 or approximately ฿ 10.8 million).
New PartnersGamers can create characters and items to be traded on the Sandbox Marketplace. But what is more interesting in the Sandbox is that its collaboration with partners improves users’ gaming experiences. Previously, the Sandbox had famous partners such as Care Bears, Smurfs, Binance, CoinMarketCap, Gemini.
When Sandbox added Skybound Entertainment as its new partner, lands and characters from the Walking Dead were added to the game.
However, investors should fully understand SAND prior to making an investment. They should consider how these three main factors affect SAND’s price and how many users will use this platform.
In conclusion, SAND’s rising price starting in July 2021 was determined by land auctions on the Sandbox, a limited number of digital lands, and new exciting partners like The Walking Dead.
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https://www.sandbox.game/login/?r=q94q5N0o2OlV5YBYqd-ajHere is the non-ref link:
https://www.sandbox.game
