The Sandbox Thrives amid Cryptocurrency Slump: Partnerships, New Experiences, and Future Plans Revealed
Summary:
The Sandbox, a leading metaverse platform, overcame a prolonged cryptocurrency bear market by partnering with high-end labels and celebrities and creating fresh, engaging experiences. The company reported increased interest in its native token, new collaborations with brands like Gucci and Lacoste, and plans to stay at the forefront of Web3 virtual experiences. Despite rising criticism, The Sandbox defended the metaverse's potential, highlighted by a significant surge in the value of its SAND token in Q4 2023. The platform revealed new partnerships, an interest in Asian markets, and its long-term visions for Web3 and metaverse expansion.
The Sandbox has managed to survive a sustained cryptocurrency downturn through strategic alliances with luxury labels and celebrities and focusing on creating new experiences and events. Cointelegraph shared a conversation with co-founder Sébastien Borget and CEO Arthur Madrid at NFT Paris where they outlined the increasing interest in the metaverse platform's native token, fresh collaborations with brands such as Gucci and Lacoste, as well as their long-term ambitions to remain the top destination for virtual experiences in the Web3 realm.
Amid claims by some that the metaverse has lost its spark, Madrid asserts that this is far from the case for The Sandbox and other significant players like Facebook and Epic Games' CEO Tim Sweeney, who maintains a strong belief in the potential of the metaverse, particularly one powered by crypto, NFTs and avatars.
Cryptocurrency market intelligence firm Messari has recently published a report showing a revived interest in the platform and its SAND token. The market capitalization of the native token rose by 89% in the fourth quarter of 2023, increasing from $649 million to $1.2 billion, vastly outperforming the total cryptocurrency market cap within the same quarter. Concurrently, activities like developing and trading in-game assets and experiences, excluding sales of Sandbox LAND, saw significant growth.
The Sandbox also garnered new partnerships with high-end brands and companies including Warner Music Group, Drecom, a Japanese software developer, and MediaCorp, a leading media business in Singapore.
Borget points out the company’s lengthy record of thriving through cryptocurrency bear markets, tracing back to its inception in 2018 during the collapse of Bitcoin (BTC) and other cryptocurrencies following market highs in late 2017. Borget adds that sales of in-game assets – including wearables and other NFTs – aren’t necessarily reflective of the platform’s overall activity or growth.
The Sandbox has actively engaged creators, brands and companies, primarily in Asian markets that seem keener on Borget and Madrid's vision of Web3 and metaverses. Across these markets, there was robust demand for Sandbox land sales, even during the cryptocurrency bear market.
The company sees its eventual growth as positive, yet Madrid believes that much like The Sandbox and Decentraland, metaverse platforms under the blockchain portfolio of Animoca Brand are fostering a "fantastic ecosystem" centered around native tokens. Madrid is upbeat about the future pointing towards successful virtual worlds like World of Warcraft, Fortnite and Roblox that have stood the test of time, as well as their robust business setup and long-term plans up to 2035.
Madrid credits the successful trajectory of The Sandbox in large part to their collaborative efforts with brands, artists, musicians, and creators. Furthermore, they believe their approach offers a superior user experience compared to the offerings from bigger players in the Web2 space like Roblox and Meta's metaverse.
For fans, The Sandbox has joined forces with famous individuals such as Snoop Dogg, Steve Aoki, Deadmau5, BLOND:ISH, and Tony Hawk to co-create experiences. They've also teamed up with brands like Adidas, allowing users to build experiences like "Adidas Land" and incentivizing them with SAND rewards, which demonstrate to these companies the engagement and creativity of their Web3 audience.
With twelve world offices, including hubs in Paris, Latin America, Hong Kong, Tokyo, and Seoul, The Sandbox employs about 350 staff, over half of whom are tasked with constructing the technology and tools used to create experiences on the metaverse platform.
Published At
3/5/2024 3:45:29 PM
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