Altcoins

Will the ‘The Sandbox x Mastercard’ partnership generate positive returns

Payment big Mastercard, lately announced its partnership with The Sandbox and different non-fungible token (NFT) marketplaces. The partnership was entered into “bring its payments network to Web3”.

According to the publication confirming the partnership, Mastercard said that the marketplaces with which it entered into partnership had been Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure supplier MoonPay. Together, these marketplaces “generated more than $25 billion in sales in 2021 — from art to sports to video games to collectibles to metaverse platforms.”

Speaking on the target of the partnership, Raj Dhamodharan, Executive Vice President of Digital Asset Blockchain Products & Partnerships at Mastercard said that:

“With the help of these companies, Mastercard’s expanding adoption of Web3 — a new version of the internet based on blockchain — adds to our existing work bringing our payment network to Coinbase’s new NFT marketplace, which opened to all Coinbase users in May.”

However, since this announcement, SAND, the native token of The Sandbox, has not made any vital traction. Let’s take a better look.

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Ashes to ashes, mud to mud

Three days after the announcement of its partnership with Mastercard, The Sandbox’s native token proceeded to file a 24% decline. At an index value of $1.30 on the day of the announcement, the bears overpowered the bulls and pushed the worth downwards. At press time, the SAND token exchanged arms at $0.99. With the worth place marked at press time, the token was 88% shy of its ATH of $8.14. 

In the final 24 hours, the worth per SAND token dropped by 13%. Although a 37% spike was registered in buying and selling quantity within the final 24 hours, the shortage of a corresponding development in value solely pointed at accumulation on the time of writing. 

Within the final three days, the market capitalization additionally recorded a 23% drop to be pegged at $1.23 billion on the time of writing.

What occurred on 11 June?

On-chain evaluation revealed attention-grabbing actions by the SAND token on 11 June. The token recorded spikes in some main metrics on that day.

The transaction quantity additionally registered a excessive of 52.32 million on 11 June. This was a 60% development from the 20.67 million recorded a day earlier than. However at press time, this had shortly declined by 61%.

The Sandbox SAND 12.27.11 12 Jun 2022

Source: Santiment

The variety of addresses transacting the SAND token additionally noticed a spike on 11 June. With a complete of 890 each day lively addresses recorded, the token noticed a 22% uptick from the 690 recorded a day earlier than. By press time, this had dropped by 44% to be pegged at 490 addresses.

The Sandbox SAND 12.31.56 12 Jun 2022

Source: Santiment

The whales additionally rallied on 11 June as an uptick was noticed within the variety of whale transactions rely. For transactions above $100k, a transactions rely of 106 was registered on 11 June, a 63% development from the 39% recorded on 10 June. At press time, this was noticed at 29 transactions. For transactions above $1 million, a rely of 5 transactions was registered. At the time of writing, a 20% decline had been recorded on this determine.

The Sandbox SAND 12.36.49 12 Jun 2022

Source: Santiment

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