The Sandbox (SAND) Makes Some Gains After Adidas Originals Launches NFTs
Aiswarya Gopan • 2 min read
Popular metaverse token The Sandbox (SAND) is making its way higher, marking double-digit gains in the past 24 hours, supported by a slight weakness in the bearish mood among crypto investors and several promising fundamental developments. At the time of writing, SAND/USD is trading around $5.01.
The SAND token is one of the biggest gainers in the crypto market after Adidas Originals confirmed the launch of its NFTs after purchasing a plot of virtual land on The Sandbox. The plot will feature exclusive content and experiences to engage with its fans in the metaverse.
Meanwhile, its NFT collection, created in partnership with leading names in the space such as Bored Ape Yacht Club, Gmoney and the creators of the Punks Comic, will include virtual wearables that can be used in blockchain gaming on The Sandbox and other platforms. For its debut into NFTs, Adidas Originals is also offering early adopters an opportunity to redeem a POAP (Proof of Attendance Protocol) NFT status badge as a way to commemorate their participation in the beginning of the brand’s entry into the exciting world of the metaverse.
The leading open NFT metaverse ecosystem is also enjoying support from entering a global strategic partnership with Dreams Quest, to drive mass adoption of the GameFi sector among users all around the world. The partnership will see Dreams Quest contribute special edition NFTs of its high profile characters into The Sanbox’s NFT marketplace. The development will also offer players a more immersive decentralized gaming experience on The Sanbox’s ecosystem.
Another important entry into The Sandbox’s metaverse is that of leading creative agency Al Dente which has purchased a plot of virtual land within its ecosystem. The firm believes that the metaverse will be the next big space for luxury brands and has made this move to leverage its experience in promoting luxury, fashion and beauty brands to enter the metaverse.
SAND/USD Technical Analysis
Taking a look at the H4 chart of SAND/USD, we find a bullish bias among smaller moving averages, the 200 EMA and leading technical indicators MACD and momentum. However, the 50 EMA and 100 EMA are suggesting some selling interest in the market as well.
The Sandbox’s price remains under the pivot point at $5.30 but it is holding above the psychological level of $5.00 for now. The support at $4.88 is holding up nicely for now but a break below the $5 level could see increased selling pressure which could lead to a test of this support.