The latest cryptocurrency rally lasted until Monday, but not all coins and tokens were enjoying the rally. One that was left on the playground was a game platform token. the sandbox (SAND -2.15%)which dropped more than 3% in one afternoon while the big brother Bitcoin it was up almost 2%.
This drop occurred despite a fairly effective burst of advertising with the latest initiative from The Sandbox. Token owner Animoca Brands announced on Monday that the gaming and metaverse platform has launched its Lunar New Year Event ahead of the holiday of the same name. Lunar New Year is very popular in Asia and begins next Sunday, January 22.
Sandbox will commemorate the Lunar New Year by offering a suite of new experiences from its developer partners across Asia. These will be accessible for free to users active in the metaverse of The Sanboxes and the world of online gaming.
The event will take place from January 18 to February 28, and users can compete in a series of contests to win prizes. These include 200,000 The Sandbox tokens (with a total value of approximately $140,000 at current prices), NFTs, and associated memorabilia, among other things.
Sandbox Co-Founder and COO Sebastien Borget said, “This is an important festival that showcases the amazing creativity of our Greater China community of brands and creators and demonstrates just how vibrant this virtual world can be across Asia (where The Sandbox is well established) and beyond.”
However, judging by their reaction, investors want more from The Sandbox than a flashy, holiday-themed storefront. They could be hungry for more substantial initiatives that move prices. They might also be more inclined to put their money in top-tier cryptocurrencies. Those assets, after all, have been the main beneficiaries of the recent rise.