Metaverse Platform The Sandbox (SAND) has unlocked a total of 332 million SAND tokens, accounting for about 16% of the current circulating supply of the digital asset. At the time of unlocking, the unlocked tokens were worth approximately $133 million.
On August 14th, The Sandbox continued on schedule to unlock over 300 million tokens. According to the redemption schedule tracker Token Unlocks, The Sandbox unlock 71 million tokens for its team, 37.5 million tokens for its advisors, 96.8 million tokens for its corporate reserve, 24 million tokens for its strategic sale buyers, and nearly 103 million tokens for its seed sale participants. These holders can all now trade their tokens on the open market.
Token unlocking is generally very bearish for digital asset prices as it unfreezes liquidity and injects it into the open market. SAND tokens have been in a bearish trend since the first 30 days of unlocking.
On July 15, the token was hovering around $0.45. As of writing, the price dropped to $0.39. SAND currently has a 24-hour trading volume of $106 million, according to coin information site CoinGecko.
The next batch of SAND tokens will be unlocked on February 14, 2024. At that time, approximately 205 million tokens will be unfrozen and distributed among its team, company reserves and advisors.
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Meanwhile, The Sandbox has been luring players of all kinds into the virtual universe. On July 28, the company teamed up with the British Museum in an effort to make artefacts in the museum’s collections more accessible to the public. The partnership allows The Sandbox players to learn about history, art and culture through the museum.
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