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SAND price logs new all-time high as Sandbox announces play-to-earn metaverse event

“SAND Coin price rallies 37% in 24 hours as Sandbox announces play-to-earn metaverse event” Image by AlterEgoTrip Svenska via Flickr

Key SAND Takeaways

SAND token rallied even as the cryptocurrency market extended losses.
The Sandbox’s play-to-earn alpha launch fuelled bullish sentiment around SAND.
Breakout from a classic bullish set up points to further rallies

JAIPUR (CoinChapter.com) – The last 24 hours have been extremely bullish for SAND coin, metaverse gaming platform Sandbox’s native token. Bullish traders opened SAND/USDT long positions en-masse as the development team announced the launch of the game’s Alpha on November 29.

SAND’s coin rally comes after the token posted a breakout rally to the $3.2 local high before declining 28% in the recent crypto market rout. The metaverse gaming token seems to be following AXS’s (Axie Infinity’s native governance currency) bullish trajectory. Buy bids stacked up in anticipation of a massive rally leading up to the Alpha version’s launch.

Some community members feel that the platform’s userbase and scope may even surpass the likes of Decentraland and Axie Infinity combined.

What Is The Sandbox?

Sandbox is a metaverse ecosystem, is a virtual reality space powered by Ethereum that allows participants to create and control their experiences. Players can build, own, and monetize their experiences on the Ethereum blockchain. Sandbox also offers creators an opportunity to NFTs and tools to create tradeable in-game assets.

Alpha Coming In Hot

As per the official announcement, The Sandbox Alpha dubbed “an open multi-week Play-to-Earn event” will kick off at 1 PM London time on November 29. The event is not exclusive to selectively whitelisted users. But those with an “Alpha Pass” will be in for some decent goodies.

“The Alpha Pass is an NFT ticket that will allow players to completely explore the 18 experiences of the Alpha Season content and earn up to 1,000 $SAND and three exclusive NFT rewards.“
read an excerpt from the announcement

The coveted Sandbox Alpha pass. Source: The Sandbox Medium page

Not that players without an Alpha pass will have boiled eggs to eat.

“Players without an Alpha Pass will still be able to access three full experiences and the Alpha HUB, a central multiplayer experience showcasing a range of locations, and quests, not to mention the chance to connect with other players from our amazing community. However, they will not be able to earn Play-to-Earn rewards.”

Three Ways To Earn An Alpha Pass

Sandbox developers have listed three ways to earn an Alpha Pass NFT. First is through the Alpha raffle, which is a “LAND owner” only event. Eligible LAND holders will have to register for the Alpha Raffle from November 22 (1 PM UTC) to November 28 (1 PM UTC) on The Sandbox website.

Winners will be declared based on their LAND holdings. For the uninitiated, a LAND is a piece of digital real-estate in The Sandbox metaverse. Essentially, all LAND(s) are non-fungible tokens following Ethereum’s ERC-721 token standard. Owning LANDs allows for their development and subsequent monetization. LANDs are a finite resource in the Sandbox ecosystem, with a total supply of 166,464.

Another way to land one of these Alpha passes is by participating in daily social contests and purchasing them directly from the NFT marketplace, OpenSea.

SAND/USDT Price Technical Setup

SAND’s coin latest breakout from the Ascending Triangle setup confirmed the return of bullish sentiment to SAND/USDT markets. Plus, the metaverse token’s new record high price move indicates that buyers are now targeting a rally towards $6.

Sandbox’s SAND price targets $6. Source: TradingView.com

Historically, Sandbox’s native blockchain currency tracked MANA, Decentraland’s underlying cryptocurrency’s price moves. But while the former received a significant buying boost on the back of the Alpha launch, the latter deflated into a sideways trend.

Nonetheless, bullish prospects for both metaverse tokens are equally high, with SAND token leading the show now. A slight correction is on the cards due to overvaluation concerns. Otherwise, the skies look clear for a “kickSAND takeoff.”