Metaverse Platform The Sandbox’s SAND Token Surges 25% After Adidas Teases Partnership
SAND has rallied over 600% since Facebook’s rebrand as Meta.
Nov 24, 2021 at 12:56 p.m. UTCUpdated May 11, 2023 at 6:43 p.m. UTC
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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.
- 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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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.