Omkar Godbole was a senior reporter on CoinDesk's Markets team.

The bullish move in SAND, the native cryptocurrency of the blockchain-based virtual world The Sandbox, gathered steam after a tweet by German sporting goods manufacturing giant Adidas seemed to confirm a relationship between the two companies.

  • The token has rallied 25% in the past 24 hours, hitting record highs above $7 and taking the weekly gain to 70%, according to CoinDesk data.
  • Adidas, which recently ventured into the metaverse with the launch of POAP, or proof of attendance protocol, on its adidas Confirmed app, tweeted Tuesday about developing a so-called “adiVerse” in partnership with The Sandbox.
  • The sporting goods company appears to have purchased a chunk of land in The Sandbox’s metaverse, as noted by Crypto Twitter and seen in the image below.
CoinDesk - Unknown

Sandbox's metaverse

  • SAND has surged more than 600% since social media giant Facebook announced changing its corporate name to Meta on Oct. 29.
  • The token has also benefited from the highly anticipated play-to-earn metaverse event, The Sandbox Alpha, scheduled for three weeks from Nov. 29 to Dec. 30.
  • Other gaming and metaverse tokens like ENJ, ILU, YGG and DVI have risen over 40% to 90% this month, outperforming bitcoin by a big margin.

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CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.

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