Over the past year, the metaverse tokens have taken the cryptocurrency market by storm. Several tokens posted massive gains, as crypto consumers showed an increased interest in these gaming coins. One such token is the Sandbox (SAND). In a recent development, the Sandbox token is listed on the popular cryptocurrency exchange, Coinbase.
This can prove to be a major boost for the coin. In a surprise listing move, the largest crypto exchange by trading volume in the US, Coinbase, announced the arrival of the Sandbox token. The SAND token is the in-game currency of the Sandbox. Nonetheless, the coin is expanding its reach in the market, and this recent listing indicates its growing demand and scope.
The Sandbox is a subsidiary of Animoca Brands, which is a leading company in the digital property rights world. SAND is the native token for gaming and metaverse-related activities on the Sandbox. Users can purchase land and NFTs through the coin. However, the token’s listing on the Coinbase exchange will provide new scaling opportunities for the coin.
The Sandbox Experiences a Price Surge After Coinbase Listing
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
Cryptocurrency exchanges play an integral role in supporting the growth of different tokens and listings. Through listing on global cryptocurrency exchanges, tokens are able to attract more consumers from all over the world. Therefore, the price of SAND also experienced a price upsurge after its listing on Coinbase. The Sandbox went up by around 20%, however, it retraced back to $1.31 amid unstable market conditions.
Coinbase listing is believed to be a significant feat for every token. Thus, a similar trend was observed in the Sandbox. Nevertheless, the crypto market continues to struggle with a lack of momentum. Experts believe that it limited the Coinbase effect on SAND. Coinbase has more than 98 million verified users in over 100 countries. Also, the platform is used by thousands of institutions and ecosystem partners. Thus, SAND can experience more adoption among these consumers in the near future.
Furthermore, the Sandbox has remained hyperactive in making new partnerships and collaborations to scale the growth of its ecosystem. Earlier this year, the platform linked up with the popular British Bank HSBC. The Sandbox also made a deal with the Warner Music Group to mark its entrance into the music world. Both of these partnerships were aimed at enhancing the experience of consumers. With the increasing demand for metaverse and gaming tokens, SAND is set to experience more traction from consumers.