Hoping to renew interest in the metaverse, The Sandbox SAND -3.03% announced it's launching a new virtual neighborhood called "Cinerama," where users can signup for the chance to buy and then develop their digital property into an "opportunity to collaborate, share ideas, and transform film concepts into immersive, interactive entertainment."
The new digital neighborhood will feature well-known Hollywood brands like "The Walking Dead," "Black Mirror," "Peaky Blinders" and "Cheech and Chong," according to a statement. Major production companies like Skydance — producer of "Top Gun" and "Terminator" films — and Lionsgate are also partners.
"This event not only offers enthusiasts the chance to own a piece of cinematic history but also fosters an environment where creativity flourishes alongside industry giants," The Sandbox COO and co-founder Sebastien Borget said in the statement. In October, Borget told The Block that interest in his platform has shifted away from virtual land speculation and toward offering real gaming experiences.
The Sandbox said there are more than 400 plots of digital land up for grabs in Cinerama. In total, the platform has sold 70% of its more than 165,000 LAND NFTs.
Small rebound after dramatic decline
During the last crypto bull run, and amid rising excitement for the metaverse after Mark Zuckerberg changed the name of his company from Facebook to Meta, sales for The Sandbox LAND NFTs, which act like deeds to the virtual real estate, skyrocketed.
At one point in late 2021, daily trading volume for LAND NFTs peaked at more than 13,000 ether, according to OpenSea data, which now equates to about $26 million. The floor price on LAND tokens then hit a high of 4.5 ether each, now about $8,600, in January 2022.
The Sandbox's native SAND token has recently rebounded from $0.28 in October to a current price of roughly $0.42, according to The Block Research data. But the token, which has a market cap of $859 million, is trading far below its all-time high of $8.40.
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