Sandbox (SAND) Price Analysis: Sandbox To Launch New Virtual Neighborhood Called Cinerama
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Hoping to renew interest in the metaverse, The Sandbox has announced plans to launch a cinematic-themed neighborhood where buyers can purchase virtual land and build immersive experiences.
The Sandbox plans to use famous Hollywood brands such as “The Walking Dead,” “Peaky Blinders,” and “Black Mirror” to draw buyers.
A New Virtual Neighborhood
The new virtual neighborhood, called Cinerama, is The Sandbox’s attempt to renew interest in the metaverse. Users can sign up and get a chance to develop their digital property into an opportunity to collaborate, share ideas, and transform film concepts into immersive and interactive entertainment. The digital neighborhood will also feature some big names and well-known Hollywood brands. These include brands such as The Walking Dead, Peaky Blinders, Black Mirror, and Cheech and Chong. According to a statement released by the Sandbox, major production companies such as Skydance, the producer of movies such as Top Gun and the Terminator Franchise, and Lionsgate are also partners in the initiative.
Speaking about the latest initiative by the Sandbox, Co-founder and COO of The Sandbox Sebastien Borget stated,
“This event not only offers enthusiasts the chance to own a piece of cinematic history but also fosters an environment where creativity flourishes alongside industry giants.”
Cinerama is offering over 400 digital land plots for sale. Around 70% of the platform’s total 165,000 LAND NFTs have been sold. Sales of The Sandbox’s LAND NFTs had surged after crypto’s most recent bull run and as a result of growing interest in the metaverse, thanks to Mark Zuckerberg’s decision to rename Facebook to Meta.
A Small Rebound
Late 2021 saw daily trading volume for LAND NFTs peaking, with over 13,000 ETH, according to data from OpenSea. This is equal to $26 million, according to today’s prices. The floor price of LAND tokens hit a high of 4.5 ETH in January 2022, worth around $8600 at today’s prices.
SAND Price Analysis
The SAND token is currently trading at $0.4136, as seen in the chart below. The price of the token had been fairly steady leading into Thursday. However, it dropped dramatically, falling from around $0.4182 to $0.3713. The price had initially taken support around $0.2771 and gradually gained momentum. As a result, buyers could break past $0.3500, triggering considerable positive sentiment around the token.
SAND is currently trading above the 50-day EMA and quickly approaching the 200-day EMA. If the price is able to move past the 200-day EMA, we could see SAND surge toward the $0.5000 mark. Buying volumes have also reported an increase, meaning big players have invested and taken long positions.
According to market data, the sentiment around SAND is currently neutral but could flip to bullish, with the Fear & Greed index showing Greed. The RSI value currently sits at 72, indicating that SAND is currently in an overbought position.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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