Investors’ focuses have been all over the place recently. Crypto policy, inflation, the conflict in Eastern Europe and other major domestic and foreign events have pushed many toward safer and more measured investments. Still though, growth industries are continuing to push new limits. And while quieter than before, these companies and projects are fully capable of big gains. The metaverse is one such industry; Sandbox (SAND-USD) continues to attract users and add to the robustness of its virtual space. A new client today is helping to bring more attention to the player, while also fetching higher prices for the Sandbox crypto, SAND.
The metaverse isn’t quite as white-hot as it was in the autumn of 2021. Back then, buyers couldn’t get enough of virtual reality investments; Decentraland (MANA-USD) and Sandbox led metaverse cryptos with multi-hundred percent gains. Meanwhile, Facebook’s transition to Meta Platforms (NASDAQ:FB) threw gasoline onto the fire, making the metaverse phenomena unavoidable.
In the early months of 2022, metaverse investments were put on the back burner. Investors instead took favor in commodities, stablecoins and the like. Coming interest-rate hikes, new crypto policy and global turmoil have helped to quell the widespread interest in growth plays like the metaverse.
However, these players didn’t cease to exist in that time. In fact, the Sandbox has been silently building out its virtual space into one of the largest and most competitive. Multiple partnerships with the likes of Snoop Dogg and his newly acquired Death Row Records catalog are helping the network to beef up its musical offerings. The network is also building appeal among more refined users with luxury mansion auctions, allowing bidders to earn metaverse real estate designed by digital architecture firms.
Sandbox Crypto Proves the Metaverse Isn’t Going Anywhere With Banking Partnership
Today’s news proves further that the Sandbox crypto isn’t going anywhere, even in the face of a bearish crypto market. SAND prices are seeing an upswing today as the company announces one of its biggest partnerships yet, with banking giant HSBC (NYSE:HSBC).
This week marks the beginning of what both parties hope to be a longstanding relationship. According to a press release from Sandbox, HSBC is entering the space by first buying its own piece of virtual real estate. HSBC plans to develop the property into a space for engaging with gaming, sports and e-sports fans.
As Sandbox also notes in the release, HSBC is the first financial services company to join its platform. The partnership evidences further growth between centralized banking institutions and the metaverse space, particularly decentralized ones like Sandbox itself. The company hopes the partnership can foster more widespread adoption of metaverse and other Web 3.0 technologies by global institutions.
As the news continues to ripple across the community, the Sandbox crypto, SAND, is seeing some healthy gains. The token is up 9% this morning. Moreover, trading volume is blossoming, with over $920 million SAND swapping hands today; this marks a 125% increase over yesterday’s volume.
On the date of publication, Brenden Rearick did not hold (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.