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Metaverse platform The Sandbox (SAND) has unlocked a total of 332 million SAND tokens, representing approximately 16% of the digital asset’s current circulating supply. The unlocked tokens were valued at around $133 million at the time of the unlock.
On Aug. 14, The Sandbox proceeded with its scheduled unlock for over 300 million tokens. According to the vesting schedule tracker Token Unlocks, the unlock included 71 million tokens for the team, 37.5 million for advisors, 96.8 million for the company reserve, 24 million for strategic sale buyers, and nearly 103 million tokens for seed sale participants. Each of these holders is now able to trade their tokens on the open market.
Unlock progress for The Sandbox token. Source: Token Unlocks
A token unlock is typically bearish for digital asset prices, as it unfreezes liquidity and injects it into the open market. The SAND token has been on a bearish trend for 30 days leading up to the unlock.
On July 15, the token hovered around $0.45. The price then dropped to $0.39 at the time of writing. Currently, SAND’s 24-hour trading volume sits at $106 million, according to the cryptocurrency information website CoinGecko.
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30-day price chart for The Sandbox token. Source: CoinGecko
The schedule for the next batch of unlocks for SAND tokens is set for Feb. 14, 2024. By that time, around 205 million tokens will be unfrozen and allocated to the team, company reserve, and advisors.
Related: Wintermute moves over $4M of Optimism tokens to Binance ahead of OP unlock
Meanwhile, The Sandbox has consistently been onboarding various players into the metaverse. On July 28, the company partnered with the British Museum in an effort to make artifacts from the museum’s collection 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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