In a recent announcement, Coinbase announced that its metaverse coin Sandbox (SAND) will begin trading on Coinbase Pro once favorable liquidity conditions are met.
Coinbase will add support for The Sandbox (SAND). Inbound transfers for this asset are now available on @Coinbase and @CoinbaseExch in the regions where trading is supported. Trading will begin on or after 9AM PT on Thurs May 26th if liquidity conditions are met. pic.twitter.com/zKaANvpTtn
— Coinbase Assets (@CoinbaseAssets) May 25, 2022
Sandbox is a virtual world where users can purchase land and create non-fungible tokens (NFTs) of in-game assets such as avatars. The native token SAND is built on Ethereum (ETH) and can be used for purchasing, staking, etc. According to the technical review of the project,
“Gamers can create and monetize their gaming experiences… Our vision is to deliver a deeply immersive metaverse where players will create virtual worlds and games collaboratively and without central authority.”
In March, the project revealed that it has partnered with British banking giant HSBC to increase the presence of esports on the metaverse base. Sandbox also signed a deal with Warner Music Group in January to create the metaverse’s first music-themed world.
News of the Coinbase listing sent The Sandbox up 21.7% to $1.51, compared to $1.24 trading. Members of the crypto community know how important a Coinbase listing is for any coin.
After many cryptos are listed on Coinbase, they tend to experience months of positive price action. However, the belief in this trend comes from the previous bull market. Accordingly, investors should be skeptical of the “Coinbase effect” in the current market conditions. On the other hand, Coinbase’s announcement today that it will support SAND transfers and trading has certainly sparked a surge of interest in the metaverse coin.
After a slight correction, SAND is up 8.03% on the day at $1.45.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.