What happened to the Snoop Dogg Metaverse? That has made the Sandbox (SAND) refuse to go down despite the broader negative market sentiment in the past 24 hours. What happened was instead that altcoins recorded a breakaway recovery as traders viewed the recent high-profile partnership as a sign that the project has strong fundamentals.
To note, SAND increased 10.23% to US$3.38 at the close of UTC on January 27th, 2022, and was followed by another 5.42% jump to US$3.57 on Friday. However, on the other hand, Bitcoin (BTC) actually fell 1.41% in just the same timeframe.
SAND Adoption Explosion—Snoop Dogg Metaverse
The traders decided to increase their exposure to SAND after Sandbox announced a partnership with the popular American rapper, Snoop Dogg with a major record label, namely Warner Music.
On January 27th, Snoop Dogg tweeted a teaser of what appears to be his upcoming collection of Non-Fungible Tokens (NFT), dubbed “the Snoop Avatars”.
The rapper further hinted that his avatar would come as part of the Sandbox metaverse. Later that same day, Sandbox announced that it would be creating a music theme park and concert venue within its metaverse with the help of Warner Music.
By doing this, the game project notes that Warner Music artists will virtually engage with their fans and generate a real revenue stream.
“We shaped The Sandbox as a fun entertainment destination where creators, fans, and players can enjoy immersive firsts and connect more closely with their favorite music artists through NFT,” said Chief Operating Officer (COO), Sebastien Borget, who is also co-founder of The Sandbox, told Cointelegraph.
Undoubtedly, this high-profile partnership is driving the prospect of SAND to find more entrants in the future—mainly due to the token’s role as a key asset in the Sandbox metaverse (media of exchange, governance, and staking).
That means the token will be far better than most of its top-ranked crypto rivals as of January 27th.
Snoop Dogg Metaverse—Next to SAND?
Furthermore, the latest bout of buying comes in tandem with “a choppy recovery” in the broader cryptocurrency sector, which started on January 24th. Between the low on January 22nd, 2022, and the peak on January 28, 2022, the crypto market added more than US$150 billion to its net valuation.
In this case, SAND—which recovered along with other assets—touched a low of $2.56, then surged more than 40% in just 4 days. After the bounce, the SAND price also confirmed the 200-day exponential moving average (200-day EMA) as a temporary support.
If the euphoria surrounding the Snoop Dogg and Warner Music partnership continues, SAND is likely to extend its upward momentum towards the 50-day EMA around $4.50.
On the other hand, independent market analyst Cantering Clark cast doubt on the upside setup and cautioned that the SAND pump could be a “helpful exit for holders” before a potential bearish continuation lies ahead.
Coindesk reports, The Sandbox is a subsidiary of Animoca Brands. The company is known to be based in Hong Kong. In addition, The Sandbox has also sold virtual land to several parties and several artists, including the Snoop Dogg metaverse.
“This strategic partnership with the Warner Music Group is taking one step forward in the direction of fan-owned initiatives and promoting community, the possibilities are very exciting,” said Sebastien Borget.
The Sandbox is also said to be starting its virtual land sale in March 2022—a sign of the opportunity. This will in turn allow music fans to purchase land close to the Warner Music property.
As the Chief Digital Officer and Executive Vice President of Business Development at Warner Music, Oana Ruxandra: “Our partnership with The Sandbox adds new possibilities to the metaverse, with virtual real estate ownership.”