The Sandbox (SAND) metaverse token gains 40% after Snoop Dogg, Warner Music partnership
Sandbox (SAND) refused to go down despite broader negative market sentiment in the past 24 hours. Instead, the altcoin logged a breakaway recovery as traders assessed its recent high-profile partnerships as a sign that the project has strong fundamentals.
SAND rose 10.23% to $3.38 at the UTC close on Jan.27, followed by another 5.42% spike to $3.57 on Friday. In contrast, Bitcoin (BTC), dropped 1.41% within the same timeframe.
Traders decided to increase their exposure to SAND after the Sandbox announced partnerships with American rapper Snoop Dogg and Warner Music, a major record label.
On Jan. 27 Snoop Dogg tweeted a teaser of what appeared to be his upcoming nonfungible token (NFT) collection, dubbed "the Snoop Avatars." The rapper further hinted that his avatars would come as a part of the Sandbox metaverse.
Somethin big comin soon. ⬇️ Keep up 2 date @TheSnoopAvatars @TheSandboxGame https://t.co/GkqdAJE10L
Later, that day, the Sandbox announced that it would create a music theme park and concert venue within its metaverse with the help of Warner Music. In doing so, the gaming project noted that the Warner Music artists would virtually engage with their fans and generate real revenues streams.
“We’re shaping The Sandbox as a fun entertainment destination where creators, fans, and players can enjoy first-of-a-kind immersive experiences and be more closely connected to their favorite musical artists through NFTs," Sebastien Borget, chief operations officer and co-founder of The Sandbox, told Cointelegraph.
Naturally, the high-profile partnerships boosted the prospects for SAND to find more takers in the future. That is primarily because of the token's role as a primary asset inside the Sandbox metaverse — a medium of exchange,
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