The virtual world of The Sandbox saw an actual 25% windfall in the value of its SAND token after a social media post from sneaker maker Adidas referenced a partnership between the two companies, CoinDesk reported Wednesday (Nov. 24).
The token has reached record highs, surpassing $7 and marking a weekly increase of 70%, according to the report.
The Sandbox — a gaming platform, and one of many so-called metaverse platforms — saw a more than 600% surge when Facebook announced its name change to Meta last month, the report stated.
More than just a name change, Facebook announced Oct. 28 that the tech giant would be moving away from its social media roots to take on the metaverse.
Read more: Facebook Rebrands as Meta in Push to Align With Metaverse
The highly sought-after metaverse is a blend of multiple facets of technology, including virtual and augmented reality, as well as video where users exist within a digital space, according to USA Today.
This month, Sneaker manufacturer Nike announced its foray into the metaverse with its Roblox-powered immersive 3D experience, Nikeland.
See more: Nike Creates Virtual World Within Roblox
Users’ digital personas can don Air Force Ones and other Nike gear while testing their digital sports skills in various games, such as tag and dodgeball, or create their own interactive games. Next month, Nike will bring Roblox and Nikeland to life inside Nike’s House of Innovation in New York via a Snapchat lens.
Interest in the metaverse has grown exponentially. During investor presentations the word was used 128 times so far this year, as compared to only seven times in 2020.
Read more: Big Tech and Wall Street Seek Real Profits in Virtual Space
Virtual reality gaming platforms, in turn, are reaping the benefits of its popularity. Roblox, one of the earliest virtual world games, pulls in $3 million in revenue every day.
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