The Sandbox unlocks $130 million worth of SAND tokens

The Sandbox metaverse platform unlocked 332.55 million SAND tokens valued at about $130 million. This volume increased the asset’s circulating supply by 16% of the total issuance, according to Token.Unlocks.

The unlocked tokens are allocated to:

• The team — 71.25 million SAND;
• project advisers — 37.5 million SAND;
• seed investors — 102.96 million SAND;
• participants in strategic sales of the asset — 24 million SAND;
• the company’s reserve — 96.84 million SAND.

Under the vesting schedule, on February 14, 2024, the next tranche of coins will become available on the market, amounting to 205.6 million ($80.6 million) — another 10% of the total issuance.

As of writing, 21% of the total SAND supply remains locked.

Over the last 12 months, the token price fell from $1.35 to $0.40 — about 70%. In November 2021, SAND traded at a peak of $8.40.

Earlier Kaiko analysts noted that trading volumes of top P2E tokens in the segment fell by 98% from the market peak in late 2021. According to analysts, users have largely lost interest in assets such as SAND, Axie Infinity (AXS), Enjin (ENJ) and Gala Games (GALA) due to their devaluation.

The Sandbox operator—Hong Kong-based Animoca Brands—announced a reduction of its presence in the United States after the SEC deemed the SAND token an unregistered security.