In This Article:
Key Insights:
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Interest in the Metaverse and The Sandbox is too significant for the crypto market to ignore.
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On Wednesday, SAND surged by 19.4% to return to $3.2 levels after a dip to sub-$2.70.
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Technical indicators are becoming bullish, with a bullish cross looking imminent on the 4-hourly chart.
It was a bullish day for SAND on Wednesday. Unfazed by the FED monetary policy decision, SAND rallied from an early morning low of $2.69 to strike a final hour high and end of the day $3.26.
The upward trend throughout the day came despite the broader crypto market hitting reverse ahead of the FED’s overnight monetary policy decision.
While Bitcoin (BTC) and the other major cryptos have been at the mercy of market risk sentiment, inflation, and monetary policy, a surge in Metaverse-related trademark applications and events in The Sandbox has lifted SAND clear of a current year low of $2.63.
Big Players and Major Events Bring the Metaverse into Focus
It’s been a busy year for the Metaverse, as mainstream players catch up on early Metaverse entrants.
The Metaverse provides endless opportunities that go far beyond gaming. Russia’s invasion of Ukraine and COVID-19 have further demonstrated the need for virtuality.
Companies filing Metaverse-related trademarks are rising, with events in the Metaverse becoming more frequent.
On Wednesday, Paris Hilton was live @ The Sandbox Game SXSW.
Paris Hilton set the stage for music industry icons to go Metaverse. In January, Warner Music Group (WMG) acquired a beachfront property in The Sandbox. WMG will turn the site into a musical theme park and concert venue.
With bands and artists under the WMG banner, including Ed Sheeran, Gorillaz, and the Red Hot Chili Peppers, virtual events will drive fan engagement and investor interest in LAND and SAND.
The Paris Hilton show followed news of HSBC partnering with The Sandbox and AMEX filing Metaverse-related trademark applications.
Such has been the interest in the Metaverse that, in February, JPMorgan projected a $1 trillion Metaverse.
SAND Price Action
At the time of writing, SAND was down by 0.68% to $3.235.