Why The Sandbox Cryptocurrency Was All Wet on Monday
The latest rally in cryptocurrencies spilled into Monday, but not all coins and tokens were enjoying the upswing. One left on the playground was gaming platform token The Sandbox (SAND -5.46%), which was down by more than 3% on an afternoon while big brother Bitcoin was rising nearly 2%.
This drop happened despite a fairly effective blast of publicity with The Sandbox’s latest initiative. The token’s owner Animoca Brands announced Monday that the metaverse and gaming platform has launched its Lunar New Year Event in advance of the namesake holiday. Lunar New Year is hugely popular in Asia, and it kicks in next Sunday, Jan. 22.
The Sandbox will commemorate Lunar New Year by offering a set of new experiences devised by its developer’s partners throughout Asia. These are to be accessible free of charge to users active in The Sanboxes metaverse and gaming online world.
The event will run from Jan. 18 to Feb. 28, and users can compete in a series of competitions to win prizes. These include 200,000 The Sandbox tokens (worth a total of roughly $140,000 at the current price), NFTs, and associated memorabilia, among other goodies.
The Sandbox co-founder and COO Sebastien Borget was quoted as saying that “This is a significant festival that showcases the stunning creativity of our community of brands and creators from Greater China and proves how vibrant this virtual world can be, across Asia (where The Sandbox is well established) and beyond.”
However, judging by their reaction, investors want something more from The Sandbox than a flashy, holiday-themed showcase. They might be hungry for more substantial, price-moving initiatives. They could also be more inclined to put their money into top-tier cryptocurrencies. Those assets, after all, have been the primary beneficiaries of the recent surge.