Sandbox rises 24% to lead Metaverse token rally

February 8, 2023February 8, 2023 Nxtgen Virtue bitdenex, crypto, cryptocurrencies, cryptonews, metaverse, netherlands, sandbox

The Sandbox, a metaverse gaming platform, is currently leading the crypto market with an all-time high of $0.93.

By press time, SAND had dropped to $0.90, but it has still risen 25% in the past 24 hours, according to CoinGecko. The Sandbox token traded around $0.70 on Tuesday before news broke that it signed an agreement with the Saudi Arabian Digital Government Authority (DGA).

“We are honored to have signed our Memorandum of Understanding between TheSandboxGame and the Saudi Arabia Digital Government Authority (DGA) during LEAP 2023, and we look forward to exploring, advising, and supporting each other in activating the Metaverse,” said Sandbox co-founder and COO Sebastien Borget on Tuesday.

In the Sandbox, players can create, own, and monetize their own gaming experiences. As a move intended to enable faster and cheaper gas transactions, Polygon was initially used for both SAND tokens and non-fungible tokens ( NFTs).

The exact details of the agreement between The Sandbox and the Saudi Arabian government remain unknown, and memorandums of understanding (MOUs) are not legally binding, instead signaling the two parties’ intent to reach a larger agreement in the future.

The Sandbox did not respond immediately to Decrypt’s request for comment.

Metaverse tokens are becoming more popular

Another metaverse-related token, the Enjin Coin (ENJIN), hit a five-month high of €0.48 earlier on Wednesday. ENJIN is currently trading at €0.47, up 11.7% on the day and up to 85% on the month, according to Bitdenex.

ENJIN runs the eponymous online gaming platform, allowing players to own and trade in-game items.

Chiliz’s native token (CHZ) is also on a tear as the sports-focused project’s layer-1 blockchain goes live. The token has gained more than 14% in the last 24 hours and is currently trading at €0.16.

ImmutableX (IMX), Flow (FLOW), Decentraland (MANA), and Axie Infinity (AXS), the token behind the play-to-earn crypto game, are also riding the sector’s recent bullish trend.