As The Sandbox introduces its highly expected play-to-earn metaverse event, SAND prices have climbed to an all-time high.
The Sandbox, a virtual property and gaming company operated by Animoca Brands, is launching a multi-week play-to-earn (P2E) Alpha event that will open up a part of its Metaverse to players for the first time.
However, only a few lucky players will be able to relish the full experience.
The virtual gaming world of Sandbox allows users to monetize their time spent in the Metaverse through a play-to-earn system. Within the game, players can buy land and build NFTs to earn the Sandbox token (SAND) by completing various missions. They have the choice of staking the token as well.
The event will take place on November 29 at 1 p.m. UTC and will last till December 20, according to an announcement on November 17 by the company. A limited number of 5000 users will have the opportunity to earn up to 1,000 SAND (approx $3,500 at current prices) and three exclusive NFTs by spending time in The Sandbox teams' 18 experiences.
The three limited-edition NFTs will be available during the event. They will show a medieval-style gate, a blue and black dragon, and a longsword, all of which can be used in the Sandbox Metaverse.
The Alpha Pass is an NFT ticket that allows 5000 people full access to the event. One thousand prizes are eligible to win in a raffle for Sandbox Landowners, and 2,250 more will be distributed to Sandbox account holders through daily social competitions over three weeks. These golden tickets will also be available for purchase on OpenSea's secondary market between November 29 and December 19.
Players who do not have the pass will be able to access three experiences as well as the Alpha Hub, a multiplayer gaming mode with a variety of places and adventures, but they will be ineligible for P2E rewards.
According to OpenSea data, the floor price for Sandbox NFTs is currently around 1.019 Ether (ETH) worth $4,284 at the time of writing. Since late 2019, the total trade volume has been 39,700 ETH ($165.3 million).
For new users eager to get into the virtual game, Animoca Brands co-founder and chairman Yat Siu suggested that people should spend time exploring the Sandbox before acquiring tokenized land: “I would recommend for people who want to experience it, you know, just go to the places, experience them, join the community on Discord, have a chat with them. See what it's all about before you take the plunge to buy land because you know, it's like buying real estate anywhere in the world.”
“I mean, you're not going to just fly over to New York and say, I'll take that,” he added.
The Sandbox sealed a $93 million Series B funding round led by SoftBank Vision Fund 2 earlier this month. The project has been in development for four years, according to the firm, and it will launch its Metaverse in "phased stages" in the future. The funding will supposedly be used to scale The Sandbox by developing new games and live experiences, and also pursuing additional partnerships with well-known brands and intellectual properties.
According to data, the price of SAND achieved a new all-time high of $3.42 earlier today. SAND has been on a meteoric rise in 2021, gaining 8663.5% in the last year.