Ethereum-Based Altcoin Soars 85% in Just One Hour, Fueled by Metaverse and Gaming Announcement

An Ethereum-based altcoin project that first launched in January of 2018 has suddenly roared back to life.

The core asset of the decentralized cloud computing blockchain network aelf (ELF) shot from $0.35 to $0.65 in the span of about 40 minutes on Monday – a massive 85% increase.

The sudden price jump follows the platform’s shift to supporting metaverse gaming projects.

The team at aelf is launching a metaverse-themed hackathon designed to encourage the development of gaming projects on the network.

The competition is set to start in mid-December and a total of $680,000 will be awarded to top entries.

“Collaborated with DoraHacks, the hackathon will gather talented enthusiasts and developers from all over the world to explore the developing directions as well as the landing potentials of the era of the metaverse…

As blockchain plays a critical role in the development of metaverse derivatives, aelf will provide a natural incubation soil for the development of metaverse projects.”

The platform aims to offer a high-performance, one-stop blockchain solution for enterprises, utilizing a delegated proof-of-stake consensus mechanism that allows token holders to determine which block producers they want to support.

The platform’s native token ELF is designed to allow token holders to vote on the future of the network.

The token is also used to pay for gas fees during token transactions and smart-contract executions.

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Sandbox Metaverse Alpha launches Nov. 29 after four years in development

Animoca Brands’ virtual property and gaming firm The Sandbox is opening up part of its Metaverse to players for the first time via a multi-week play-to-earn (P2E) Alpha event.

But only a handful of lucky players will get to enjoy the full experience.

Sandbox’s virtual gaming world enables users to monetize their time spent in the Metaverse via a play-to-earn model. Players can purchase land and create NFTs within the game, and earn the Sandbox token (SAND) by completing various quests. They can also stake the token.

According to a Nov. 17 announcement from the firm, the event will start on Nov. 29 at 1 pm UTC and will run until December 20. A select group of just 5000 users will have the chance to earn up to 1,000 SAND (worth around $3,500 at current prices) and three exclusive NFTs via time spent across 18 experiences developed by The Sandbox teams.

The three exclusive NFTs will only be available during the event. They will depict a medieval-style gate, a blue and black dragon, and a longsword that are all usable in the Sandbox Metaverse.

Exclusive Alpha NFTs: The Sandbox

The Alpha Pass is an NFT ticket that grants full access to the event to 5000 individuals. One thousand are up for grabs in raffle for Sandbox Landowners, and 2,250 more will be given out to Sandbox account holders via daily social contests over a three week period. These golden tickets will also be on sale on OpenSea’s secondary market between Nov. 29 and Dec. 19.

Players without the pass will be able to access three experiences and the Alpha Hub, a multiplayer gaming mode that features a range of locations and quests, but they will not be eligible for P2E rewards.

According to data from OpenSea, the floor price for Sandbox NFTs sits at around 1.019 Ether (ETH) worth $4,284 at the time of writing. Total trade volume stands at 39,700 ETH ($165.3 million) since late 2019.

For new users who are champing at the bit to enter the virtual game, Animoca Brands co-founder and chairman Yat Siu told Cointelegraph that people should take the time to carefully experience the Sandbox before snapping up tokenized land:

“I would recommend for people who want to experience it, you know, just go to the places, experience them, join the community on Discord, have a chat with them. See what it’s all about before you make the plunge to buy land because you know, it’s like buying real estate anywhere in the world.”

“I mean, you’re not going to just fly over to New York and say, I’ll take that,” he added.

Related: Axie Infinity, Decentraland and ‘metaverse’ cryptos rally after Facebook rebrands to Meta

At the start of this month, The Sandbox closed a $93 million Series B funding round led by SoftBank Vision Fund 2. The firm stated that the project has been in development for four years and will launch its Metaverse in “phased stages” moving forward. The funding will reportedly go towards scaling The Sandbox via developing new games and live experiences, and seeking out additional partnerships with popular brands and intellectual properties.

According to data from Coingecko, the price of SAND hit a new all time high of $3.42 earlier today. SAND has been on a meteoric surge in 2021, gaining 8663.5% over the past 12 months.