Strategic partnerships with luxury brands and leading names in the entertainment industry, focusing on developing new experiences and events, have helped Sandbox withstand the prolonged crypto bear market. Co-founder Sebastien Borget and CEO Arthur Madrid discussed the renewed interest in the metaverse platform’s native token at NFT Paris, new partnerships with brands like Gucci and Lacoste, and their long-term goals to remain a home for virtual experiences in the Web3 space.
Continued Interest in Sandbox
A new report published by blockchain data analytics firm Messari emphasizes the renewed interest in the platform and its SAND token. The market value of SAND in circulation increased by 89% in the fourth quarter of 2023, rising from $649 million to $1.2 billion, and outperformed the total market value of all cryptocurrencies during the same quarter.
Meanwhile, Sandbox saw significant growth in activities involving the creation and trading of in-game assets and experiences, excluding LAND sales. The daily average number of active non-LAND buyers increased by 73%, non-LAND mines by 233%, while daily average non-LAND secondary sales and daily average non-LAND secondary volume increased by 173% and 78% respectively in the fourth quarter.
Sandbox also established new partnerships with luxury brands and companies such as Warner Music Group and the Notorious B.I.G avatar collection, Japanese software developer Drecom, and Singaporean media holding company MediaCorp.
Insightful Statements from Sandbox Executives
Sandbox was launched in 2018, following the crash of Bitcoin and other cryptocurrencies after reaching peak market levels at the end of 2017. Borget mentioned the company’s history of building during the depths of crypto bear markets and stated:
“We tried to focus first on the content creator, continuing to send product updates and enabling them to create new content experiences. We released some significant updates last year, including the opening of broadcasting on the map, and we have thousands of playable experiences.”
The co-founder also added that the sale of in-game assets, including wearable products and NFTs, is not an indicator of the platform’s activity or growth:
“This doesn’t mean that people always need to buy NFTs for a platform to be active. I think the bear market doesn’t capture this very well.”
Borget mentioned that The Sandbox is engaging with content creators, companies, and brands focusing on the Asian markets. Audiences in these regions have been more open to Borget and Madrid’s vision for Web3 and the metaverse:
“Turkey, Thailand, Singapore, Korea, Japan, Hong Kong, and India have been a growth driver for Sandbox even during the bear market, and we managed to sell all our land sales.”
In 2023, Sandbox conducted eight primary LAND sales and launched 17 avatar collections, retaining the company’s earnings. Borget stated that most of these sales were sold, indicating that interest in metaverse experiences for content creators and players continues.
