As The Sandbox announces its highly anticipated play-to-earn metaverse event, SAND prices have risen to an all-time high.
The Sandbox, Animoca Brands’ virtual property and gaming firm, is opening up a portion of its metaverse to players for the first time through a multi-week play-to-earn (P2E) Alpha event.
However, only a few lucky players will be able to enjoy the full experience.
The virtual gaming world of the Sandbox allows users to monetize their time spent in the metaverse through a play-to-earn model. Within the game, players can buy land, create nonfungible tokens (NFT), and earn the Sandbox token (SAND) by completing various quests. They have the option of staking the token as well.
According to a Wednesday announcement from the company, the event will begin on November 29 at 1 p.m. UTC and will last until December 20. A limited number of 5,000 users will have the opportunity to earn up to 1,000 SAND (approximately $3,500 at current prices) and three exclusive NFTs by spending time in The Sandbox teams’ 18 experiences.
Get ready for The Sandbox Alpha!
📅 Launching November 29th
🌍 Anyone can experience the Alpha hub and three experiences
🔷 5,000 Alpha passes giving access to content, NFT, and 1,000 SAND!
— The Sandbox (@TheSandboxGame) November 16, 2021
The three limited-edition NFTs will only be available at 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 5,000 people full access to the event. A raffle for 1,000 Sandbox Landowners will be held, and 2,250 more will be distributed to Sandbox account holders via daily social contests over a three-week period. 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 locations and quests, 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), which is 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 advised that they should spend time exploring The Sandbox before purchasing tokenized land:
“I would recommend for people who want to experience it, you know, just go to the places, experience them, join the Discord community, and chat with them.” See what it’s all about before you decide to buy land, because it’s just like buying real estate anywhere in the world.”
“You’re not going to fly over to New York and say, ‘I’ll take that,'” he added.
The Sandbox closed 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 company, and it will launch its metaverse in “phased stages” in the future. According to reports, the funds will be used to expand The Sandbox by creating new games and live experiences, as well as pursuing additional partnerships with well-known brands and intellectual properties.
According to CoinGecko data, the price of SAND reached a new all-time high of $3.42 on Tuesday. SAND has been on a meteoric rise in 2021, gaining 8,663.5% in the last year.