August 14, 2023 at 15:27 GMTModified date: August 14, 2023 at 16:08 GMT
August 14, 2023 at 15:27 GMT

The Sandbox releases $133m of worth tokens into circulation

The Sandbox unlocked a total of 332 million $SAND tokens today, accounting for 16% of the digital asset’s current circulating supply.

Sandbox. Pic: Unsplash

Metaverse project The Sandbox unlocked a total of 332 million $SAND tokens today, 14 August, which accounts for 16% of the digital asset’s current circulating supply.

At the time of unlock, the tokens released into circulation were worth around $133million. As illustrated by vesting schedule tracker Token Unlock, the largest chunk in The Sandbox unlock was 102.96 million tokens for its seed sale participants.

This was followed by a total of 96.84 million for its company reserve, 71.25 million for its team, 35.5 million for its advisors, 24 million for its strategic sale buyers.

Taking into consideration all of the previous unlocks, the largest allocation so far has been for company reserve, accounting for over 25%. Each of the holders of the unlocked tokens can trade them into the open market.

Since token unlocks unfreezes liquidity and injects this previously frozen liquidity into the market, the event becomes quite bearish for the digital asset prices. As a result, the $SAND token has been on a bearish trend since 30 days ahead of the unlock.

According to CoinGecko, the token was changing hands for $0.395 as of writing. It was falling in price even at the time of press as it dropped by almost 2% over the last day. As the 51st-largest token by markets capitalisation, $SAND currently has a market cap of $814m.

The next batch of $SAND unlocks has been scheduled in the next year, where the calendars have been marked for 14 February. The team aims to unfreeze around 205 million tokens in the same, allocating them to its team, company reserve and advisors.

Ahead of the latest unlock event, The Sandbox holders sent a load of the metaverse-based token to cryptocurrency exchanges for onward sales. According to the data from CryptoQuant, $SAND recorded its highest number of tokens sent to exchanges since February with an exchange inflow of 81 million $SAND on 10 August.

Recently, The Sandbox was also in news for its partnership with the British Museum. The tie-up, which also includes a web3 platform called laCollection, aims at bringing the museum into the metaverse space.

It seeks to make the artefacts within the British Museum’s collection more accessible to the public by generating a range of digital collectibles that reflect various collections within the museum.