Hot on the heels of recent announcements from tech giants Facebook and Microsoft, the Metaverse has become the next big thing in both crypto and tech communities. While the venture into the virtual realm may be big and bold news for some of the largest corporations in the world, several cryptocurrencies have been built around virtual worlds from the ground up. One seeing recent gains due to all the talk surrounding the Metaverse is The Sandbox, a blockchain gaming developer that allows users to play, create, own, and govern their own gaming experience through owning virtual lands.
To kick off trading in November, The Sandbox saw a fresh and large in-flow of funds that has put the group on a record breaking pace. In the first three days of November alone, The Sandbox received over $4.2 million in trading volume, higher than what the platform recorded in the entire month of September. The Group also just completed an investment round led by Softbank’s Vision Fund 2 that raised more than $93 million in funding.
The platform has also seen steadily growing demand and valuation for its virtual land over the start of November with prices for premium parcels of land reaching into the thousands. In the past week alone, trading volume was up by over 600% as traders are seeking a way to take advantage of the recent interest in the Metaverse.
As hype connected to the Metaverse continues to grow, cryptocurrencies and platforms built around virtual worlds like The Sandbox are in a prime position to benefit from the added interest. November has already been off to an incredible start and with the added momentum more record setting days should be ahead.
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