Regulators like HKMA and SFC united with local private sector firms like HSBC and HashKey to support the market of tokenization in Hong Kong.
Sandbox’s SAND Slides, ApeCoin Steady Ahead of $125M in Unlocks
Token unlocks refer to the release of previously locked or restricted tokens into the market.
UK plan on digital securities sandbox laid before Parliament
The regulations will take effect on Jan. 8, with the Bank of England and U.K. Financial Conduct Authority operating the sandbox.
Hi’s Mastercard Debit Card Adds Option to Spend Sandbox’s Token SAND
Cardholders of the hi Debit Mastercard, a partnership between crypto payments application hi and Mastercard, can now spend Metaverse platform Sandbox’s SAND token as a currency in eligible markets.
Brazilian securities regulator plans sandbox for tokenization in 2024
Daniel Maeda with Brazil’s CVM said during Rio Innovation Week the regulator plans to explore a regulatory sandbox for use cases of tokenization potentially starting in 2024.
Singapore regulatory sandbox lacks qualified crypto payment providers
The MAS has said that rising malware scam cases in Singapore have nothing to do with cryptocurrencies. On the contrary, it claimed, such scams are more prevalent in the fiat economy.
Metaverse Platform Sandbox Transferred Out 60M SAND Ahead of Monday’s $133M Token Unlock
As the price of SAND slid 4% in August, the Sandbox Genesis smart contract had already emitted 60 million SAND tokens prior to the upcoming token unlocked scheduled for Aug. 14.
Sandbox Set For $133 Million Token Unlock, A Bearish Trigger For SAND Price?
Decentralized gaming platform, The Sandbox is set to execute a SAND token release valued at $133.86 million. According to data from TokenUnlocks, Sandbox will release 332.55 million SAND tokens into circulation on August 14, representing 16.16% of the token’s maximum supply.
New SAND Tokens In 2023 To Rise Over 700 Million
With the upcoming SAND release, the total number of new SAND tokens in 2023 is expected to rise to 705.3 million. This latest unlock will add to the 372.75 million SAND released earlier during the last token unlock in February.
Based on more data from Token Unlocks, the newly released tokens will be allocated to various parties, including the Sandbox’s development team, project advisors, strategic and seed investors, and the project’s reserve.
SAND functions as the utility token of the Sandbox metaverse, serving as the platform’s payment medium and governance token. According to its design, SAND is expected to undergo a token unlock every six months until 2025.
Currently, the number of circulating SAND tokens is 2.05 billion, representing 68.6% of SAND’s total supply. With the projected release on August 14, these figures are expected to jump to 2.39 billion and 84.76%, respectively.
Potential Impact of Token Release on SAND’s Price
Token unlocks are common events in the crypto space, usually accompanied by fears of a bearish market. This is because the sudden introduction of massive tokens to the market creates a higher supply-to-demand ratio, which drives down asset prices.
Looking at on-chain data, this is one likely effect of SAND’s upcoming token unlock on its market price due to declining network growth on the Sandbox platform.
Based on data from blockchain analytics firm IntoTheBlock, the number of new addresses on Sandbox is down by 66.87% in the last month, falling from a peak of 649 in July to its current value of 215.
The continuance of this trend means Sandbox may lack the necessary traction to counter the upcoming inflationary pressure, which may ultimately lead to a fall in price.
Related Reading: Aptos (APT) Gains By 10% Ahead Of July Token Release
Following SAND’s last token release on February 14, SAND’s price movement was fairly positive, opening at $0.68 to trade as high as $0.72 and close at $0.71. In the subsequent days, SAND would record more gains, reaching a market value of $0.88 on Feb 20.
While token unlocks are widely expected to precipitate bearish pressure, their effects are still unpredictable. Investors are advised to watch out for major developments on Sandbox regarding network growth and whale movement.
At the time of writing, CoinMarketCap data shows that SAND is trading at $0.40 with a 0.62% gain on the last day. However, the token is down on the weekly chart losing about 2.98% of its value.
McDonald’s debuts McNuggets Land in The Sandbox
McDonald’s Hong Kong has picked The Sandbox to build its first Web3 experience, the McNuggets Land.
UK financial watchdog announces launch of permanent Digital Sandbox in August
According to the FCA, the sandbox will be open to businesses, start-ups and data providers, including those involved in banking, investment, lending and payments.
EU blockchain sandbox unveils first 20 use cases after wave of applications
According to the European Commission, 20 projects have been selected in the first cohort to receive legal advice and regulatory guidance.
The Sandbox partners with Ledger Enterprise to secure metaverse businesses
As part of the partnership, all NFTs in The Sandbox’s collection wallet will be transferred to the Ledger Enterprise wallet.
AI Will ‘Accelerate’ the Metaverse, Empower Creators: The Sandbox Co-Founder
Sebastien Borget says artificial intelligence will bring a greater volume of original content to metaverse platforms.
EC launches blockchain regulatory sandbox for 20 projects annually through 2026
The sandbox will match up public and private sector projects with the appropriate participating regulators for assessments and consultations.
EU Now Accepting Applications for its Blockchain Regulatory Sandbox
The sandbox is open to “companies from all industry sectors” and public entities, with priority given to more mature projects.
Saudi Arabia partners with The Sandbox for future metaverse plans
In a partnership ceremony at the LEAP 2023 conference in Saudi Arabia, the Sandbox entered into an MOU with the government of Saudi Arabia for future metaverse development.
3 reasons why the MANA and SAND metaverse token rally could end soon
Apple’s rumored VR headset launch appeared to fuel a sharp rally in metaverse tokens, but data suggests that the momentum is unsustainable.
Nifty News: Trump NFTs surge 800%, Yuga Labs blacklists NFT exchanges, and more
Donald Trump’s NFT collection started out strong but then started looking lifeless up until a few days ago.
Ukraine pro-crypto groups announce Web3 roadmap
A roadmap proposes the launch of a regulatory sandbox and the creation of a national blockchain-backed realty register
The Sandbox co-founder explains how the metaverse has evolved for brands: Web Summit 2022
According to a co-founder of The Sandbox, the future of the metaverse is in a state of evolution, with both brands and users as important catalysts of growth.