SAND Investment Grows As Transitional Volume Hits $3 Billion
The growth of the metaverse has impacted the value of certain tokens positively. Since October, the so-called metaverse tokens have collectively experienced a massive bullish trend that has brought smiles to investors. Today, one of the metaverse tokens hit a new milestone as it crossed a new high in24 hour transactional volume.
As of writing, SAND transactional volume in the last 24 hours reached $3 billion across different exchanges. The sandbox gaming token has continued to experience an upward spiral with only a few price corrections. Together with MANA, another sandbox token, they have taken the metaverse by storm in 2021.
According to Watcher.Guru, SAND grew by 700% this year and its transactional volume also grew. Every metric for measuring growth shows a bullish trend for the token that is tipped to become the currency of the metaverse. The concept of metaverse exploded following the announcement that legendary entertainer, Snoop Dogg, hosted a metaverse party on Sandbox.
The crypto tracking firm reports that whales were responsible for over $160 million invested in SAND, and the total investments doubled by half. On Coinmarketcap, SAND currently trades at $6.40 and sits at number 39. With a market cap of $5.86 billion, SAND is one of the fastest-rising tokens by market cap.
Later, gaming, music, and art metaverse creators began a race to release a flurry of projects that are projected to become the next phase of entertainment as we enter the Web3 internet. Investors have also stepped up to book early spots in the metaverse. As of writing, metaverse land purchases have crossed $106 million.
Metaverse Adoption Will Increase SAND Price
Despite the ignorance and skepticism from the larger part of the public about the metaverse, projects, and tokens associated with it have gained the trust of inventors seeking early entry for the inevitable adoption of metaverse platforms. Celebrities across the music, art, sports, and movie industries have recently embraced non-fungible tokens, NFTs.
NFTs are becoming increasingly important in entertainment but they are going to be a big feature in the metaverse. As of now, NFTs of music bands are being created and deployed to hold concerts on the metaverse.
SAND, MANA, and some other tokens are going to benefit from these investments and efforts to develop the metaverse. The prospect of earning massive returns is also going to be a huge factor in attracting investors to the tokens as they march towards new all-time high prices.
Virtual Reality Will Dominate
Virtual reality is here and will be powered by blockchain technology. Various projects on blockchains will integrate virtual reality to bring the best experience to users. The GamingFi industry is also developing with play-to-earn games offering gamers a way to enjoy and earn rewards while playing their favorite games. The benefits that the metaverse offers are so vast that one cannot begin to fathom.
The flow of funds into metaverse tokens is likely to increase as venture capital investors, institutional traders, and users seek profits.
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