The Sandbox coin price rockets as Adidas hints at NFT launch
The SAND price has witnessed a 70% increase over the past seven days
German sportswear manufacturer Adidas has hinted at a possible launch of non-fungible tokens (NFTs) as the company Tweeted out the popular phrase “probably nothing”. The phrase was also used in a tweet sent by Discord CEO Jason Citron, who was about to launch NFTs until a backlash by Discord users brought an end to the plan.
The sports brand, which had previously announced on Twitter that it had entered the metaverse by purchasing a portion of land on The Sandbox map, revealed that it had partnered with crypto exchange platform Coinbase.
Adidas, which has already branded its metaverse as ‘Adiverse’, could potentially build an NFT shop on The Sandbox or allow cryptos as a method of payment.
The announcement received support from crypto enthusiasts who wish to buy sports items from the German brand using cryptocurrencies.
“This may later start [an] NFT brand, Adi clothes, shoes. What’s hard to imagine is how far Adi will go if it’s in the form of NFT and will buying them later means being able to pay for cryptocurrency? Sounds cool, it’s going along with the whole market economy change,” commented crypto enthusiast Bonnie Chen in response to the tweet.
The virtual map
Recently, Currency.com spoke to The Sandbox co-founder Sébastien Borget about how brands could use the digital map once they have bought a piece of virtual land.
“The Sandbox platform allows any creator, whether they are a land or not, to mint their assets made using VoxEdit, our 3D modelling and animating tool, on the marketplace and put them for sale as NFTs,” he said.
“By extension, any brand can mint its own NFTs and turn its land into a shop. The difference is other users can see and preview their NFTs in 3D directly from within the virtual world,” he added.
The Sandbox coin on the crypto market
Following the Adidas announcement, the price of The Sandbox (SAND) coin rocketed on the crypto market, witnessing a 70% increase over the past seven days.
At the time of writing (13:00 GMT) SAND is trading 8.4% higher at $7.23, with a market cap of $6.5bn. Its trading volume has also increased by 41% to $9.9bn in the past 24 hours.