Metaverse Crypto the Sandbox (SAND) Announces Partnership With World-Renowned Music Label

Gaming altcoin The Sandbox (SAND) is unveiling a joint metaverse venture with one of the biggest music labels in the world.

In a new blog post, land-focused virtual reality crypto The Sandbox says that it’s partnering up with the world-famous Warner Music Group to create the first-ever music-themed world within the metaverse.

Warner purchased what is equivalent to beachfront property as an in-game ESTATE, which they plan on turning into a hybrid of a musical theme park and a concert venue for Warner’s vast array of leading musical artists to perform for and interact with their fans.

Warner chief digital officer of business development Oana Ruxandra says,

“Our partnership with The Sandbox adds a new layer of possibility in the metaverse, with the ownership of virtual real estate. As a first-mover, Warner Music has secured the equivalent of a beachfront property in the metaverse.

On the LAND, we’ll develop persistent, immersive social music experiences that defy real-world limitations and allow our artists and their fans to engage like never before.”

To mark this partnership, SAND will be holding a sale of in-game LAND non-fungible tokens (NFTs) that are adjacent to the property purchased by Warner at a later date, according to the post.

This isn’t the first time the world-famous music giant partnered up with a cryptocurrency firm as the company threw its weight behind decentralized finance (DeFi) protocol Flow (FLOW) in 2019.

SAND is exchanging hands at $3.43 at time of writing, a 27.5% increase from its seven-day low of $2.69.

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The Sandbox (SAND) metaverse token gains 40% after Snoop Dogg, Warner Music partnership

Sandbox (SAND) refused to go down despite broader negative market sentiment in the past 24 hours. Instead, the altcoin logged a breakaway recovery as traders assessed its recent high-profile partnerships as a sign that the project has strong fundamentals.

SAND rose 10.23% to $3.38 at the UTC close on Jan.27, followed by another 5.42% spike to $3.57 on Friday. In contrast, Bitcoin (BTC), dropped 1.41% within the same timeframe.

SAND/USD daily price chart. Source: TradingView

SAND adoption booms

Traders decided to increase their exposure to SAND after the Sandbox announced partnerships with American rapper Snoop Dogg and Warner Music, a major record label.

On Jan. 27 Snoop Dogg tweeted a teaser of what appeared to be his upcoming nonfungible token (NFT) collection, dubbed “the Snoop Avatars.” The rapper further hinted that his avatars would come as a part of the Sandbox metaverse.

Later, that day, the Sandbox announced that it would create a music theme park and concert venue within its metaverse with the help of Warner Music. In doing so, the gaming project noted that the Warner Music artists would virtually engage with their fans and generate real revenues streams.

“We’re shaping The Sandbox as a fun entertainment destination where creators, fans, and players can enjoy first-of-a-kind immersive experiences and be more closely connected to their favorite musical artists through NFTs,” Sebastien Borget, chief operations officer and co-founder of The Sandbox, told Cointelegraph.

Naturally, the high-profile partnerships boosted the prospects for SAND to find more takers in the future. That is primarily because of the token’s role as a primary asset inside the Sandbox metaverse — a medium of exchange, governance and staking. As a result, it fared better than most of its top-ranking crypto rivals on Thursday.

What’s next for SAND?

The latest bout of buying appeared in line with a choppy recovery in the broader cryptocurrency sector that started on Jan. 24.

Between its nadir of Jan. 22 and Friday’s top, the crypto market added over $150 billion to its net valuation. SAND, which recovered alongside other assets, bottomed out at $2.56 then went on to rally over 40% in just four days.

SAND/USD daily price chart. Source: TradingView

Following the bounce, SAND price confirmed its 200-day exponential moving average (200-day EMA; the blue wave in the chart above) as its interim support. If the euphoria surrounding the Snoop Dogg and Warner Music partnerships sustain, Sand will likely extend its upside momentum toward the 50-day EMA (the red wave) near $4.50.

Meanwhile, independent market analyst Cantering Clark doubted the upside setup, reminding that SAND’s pump could have posed a “helpful exit for holders” before a potential bearish continuation ahead.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.