Metaverse investors are returning to work this morning, still nursing their turkey-induced hangovers. Grogginess aside, they surely are happy to see their investments gaining after the long weekend. Now, one of the biggest competitors within the space, a network with multiple partnership deals and SoftBank (OTCMKTS:SFTBY) backing, is preparing for launch. Sandbox (CCC:SAND-USD) is seeing its first users land in virtual reality today. As a result, the Sandbox crypto has touched new all-time highs.
The Sandbox stands as the biggest competitor to Decentraland (CCC:MANA-USD), a storied player in the blockchain metaverse niche. The two offer pretty similar products: massive virtual reality worlds where you can buy and develop land, play games, find entertainment, and buy and sell virtual goods as non-fungible tokens (NFTs).
While Sandbox has been in the development stage for some time now, it is finally launching its product. Here’s everything you need to know.
The Sandbox Crypto Sees New All-Time High Ahead of Alpha Launch
- Sandbox’s metaverse has been in production since 2017, making this a long time coming for early investors.
- Even so, development in the final product sped up significantly in recent months. This is thanks in large part to a Series B funding round led by SoftBank. The fundraising brought $93 million to the network, allowing developers to ramp up their timeline.
- Less than two weeks ago, the network announced its coming Alpha launch. Set for today, Nov. 29, the launch will be the first taste of the Sandbox universe. For a lucky group of users, the experience will be much more.
- As the team opens up the world for first experiences, anybody can sign up, log in and see the main Alpha hub, as well as a handful of VR “experiences.”
- However, 5,000 Alpha passes are being issued to select users. These passes allow users to go much deeper into the full Sandbox world.
- These Alpha passes are unlocking a more robust peek into the future of the network. They will also provide a chance for users to play to earn real tangible income through SAND tokens and NFTs.
- Indeed, Alpha pass holders will have access to 15 additional Sandbox experiences through which they can earn three different exclusive Alpha NFTs and up to 1,000 SAND.
- At current rates, these NFTs are worth well over $4,000 apiece, and the value is likely to increase from here, given their exclusivity. The 1,000 SAND possible to earn through these experiences equates to over $7,000 at current value.
- The hype over the Alpha launch did not take a break over Thanksgiving. In fact, SAND saw its newest all-time high on Thursday morning, right as investors were getting ready to feast. The token hit $8.51, representing a gain of over 150% since the announcement of the Alpha launch.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.