• Following The Sandbox’s acquisition of Uruguayan IT firm, SAND increased by 12%

  • The Sandbox, an Animoca Brands subsidiary, has purchased the Uruguayan technology company Cualit in order to accelerate the development of the Web3 ecosystem and blockchain business.

    Shortly after the deal was announced, the price of The Sandbox’s native token, SAND, increased by about 12% and is now trading at around $1.35.

    The Sandbox, one of the most popular blockchain-based online games, has purchased the Uruguayan development technology business Cualit. Both parties pledged to work together to build an infrastructure that would foster innovation in the Web3 and blockchain universes.

    Cualit and its Co-Founders, the Perez brothers, had been working closely with The Sandbox for more than a year prior to the acquisition. The South American group was dubbed The Sandbox Uruguay after signing the deal.

    Following the announcement, the native coin of the blockchain-based game began to rise. SAND has gained over 12% in the last 24 hours, and is presently trading at around $1.35.

    Nonetheless, the recent crypto crisis has had a big impact on the asset, which is now trading well below its all-time high of roughly $7.50 established in November.

    Cualit has spent the last decade immersed in the blockchain business. It has provided technology assistance to various companies and projects in Uruguay, as well as campaigning for the country’s digital transformation. As a rebranded business, its primary focus will be on assisting The Sandbox’s activities.

    Following the establishment of a development team in Argentina, the Animoca Brands subsidiary has extended to Uruguay.

    Arthur Madrid, CEO and Co-Founder of The Sandbox, commented on the most recent purchase.

    “Uruguay is a fantastic place to invest in technology, and we see a new generation of developers who want to rethink the way we are using and owning our data through the open Metaverse.”

    The Sandbox signed another significant deal this week, this time with the legendary jazz band Jamiroquai.

    The Sandbox’s virtual LAND – a digital piece of real estate in the game’s Metaverse that users can purchase to build adventures on top of – will feature the band’s hit song “Virtual Insanity.”

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