- Forbes has recently made a significant move by acquiring land in The Sandbox metaverse, indicating a surge in mainstream interest towards the metaverse.
- The virtual land purchased by Forbes will function as a central gathering place for visitors to collaborate, interact, and showcase various brands.
- The value of SAND, The Sandbox's native token, has seen a daily increase of 2.5% and a weekly rise of 12% following this news.
- According to technical analysis, there is potential for further growth if the resistance level at $0.5235 is breached.
- Potential price targets for SAND include reaching $0.68, representing the previous local high, and $0.95, corresponding to the resistance level observed in February 2023.
During the last bull run, the metaverse emerged as one of the most significant niches within the crypto and blockchain space.
Various applications were built on this impressive blockchain technology, ranging from games to virtual concerts and even lecture halls.
Between 2021 and 2022, the metaverse experienced immense popularity, with notable figures such as Snoop Dogg creating the "Snoopverse," Paris Hilton launching "Paris World," and Justin Bieber hosting a virtual concert on the Wave platform.
Recently, metaverse technology has seen a resurgence, with media giant Forbes becoming the latest investor.
Forbes has made headlines by purchasing virtual land within The Sandbox metaverse, a move that signifies its deepening involvement in the Web3 space and its belief in the transformative potential of the metaverse.
The virtual land acquired by Forbes will serve as a community hub where visitors can interact, collaborate, and engage with the Forbes Web3 community.
This new venture aims to establish Forbes' presence in the virtual world, catering to millions of users and creators. The hub will feature various amenities, including a luxurious pool, a sizable bar, and an art gallery showcasing Forbes 2024 Under 30 recipients.
Interactive experiences, such as scavenger hunts with QR codes leading to exclusive content and insights, will further enhance visitor engagement.
The announcement of Forbes' involvement has had a positive impact on The Sandbox's native cryptocurrency, $SAND, which has seen price increases of approximately 2.5% over the last day and more than 12% over the last week.
Despite bullish price action, $SAND is facing resistance around the $0.5235 zone. However, a breakout above this level could propel the cryptocurrency towards a retest or even a breakthrough above the $0.68 resistance.
If successful, $SAND $SAND target the $0.95 resistance, marking a significant milestone not achieved since February 2023.
As always, investors should conduct thorough research and exercise caution due to the highly volatile nature of cryptocurrencies.
