- The Sandbox seeks to make India its largest market in the next two years following recent partnerships.
- The Sandbox is currently up by 2.6 percent in the last 24 hours, trading at $0.531043.
Earlier this year, metaverse platform The Sandbox (SAND) announced a joint venture with a global venture accelerator, Brinc, to launch a new cultural hub, BharatBox. This hub features important figures in the entertainment, art, and sports sectors of India.
According to the latest report, The Sandbox wants to leverage this to make India its largest market in the next two years. Sandbox Co-Founder Sebastien Borget disclosed to reporters that the company seeks to create an environment where different regions across the world can come together.
The Indian authorities have recently been reported to have asked the Web3 industry to detache itself from crypto. The Indian crypto industry has been said to be on a survival mode since 2022 when authorities imposed a 30 percent tax on crypto profits. On top of that, it was proposed that a 1 percent tax be deducted at source on all transactions. To the crypto participants in the country, this is a “period of pain”. Regardless, they expect the asset class to emerge victorious at the end.
According to Borget, they are ready to collaborate with authorities to have a comprehensive discussion on the space.
We want to build a diverse and inclusive world with no borders, bringing different regions of the world together, and with that vision in mind, a year ago, we started out in India to establish a joint venture. We are ready to engage with and help regulators to discuss the space.
Partnership with The Sandbox is About Contracts and Land Partner Agreement
BharatBox is reported to have signed 25 Indian partners in the past six months. These include Eros Entertainment, Hungama, and Shemaroo. On top of that, three legacy media entertainment companies in Indian cinema have also been signed. BharatBox has equally announced a strategic partnership with CoinDCX.
Karan Keswani, CEO of BharatBox commented:
Our strategic ecosystem partnership with CoinDCX and the Web3 wallet Okto gives us exposure to their 16 million users. Globally, The Sandbox has five million wallets. Along with CoinDCX and Okto, we’re confident of bringing three to four million gamers through their Okto community, and that’s our vision, to onboard those users within 24 months, and then India will be The Sandbox’s largest market.
The co-founder of both CoinDCX and Okto believes that the partnership would help The Sandbox get a strong footing in India. He also expressed his excitement about working with one of the best players in the metaverse.
The report further discloses that the partnership basically has to do with contract and land partner agreement. This implies that the company would be able to use its acquired Land NFTs in the open metaverse to build gamified experiences designed for India. BharatBox is also working to ensure that the Animoca Brands are brought to India. This would provide a long-lasting Web3 solution to ticketing and blockchain gaming.
As of press time, The Sandbox (SAND) was trading at $0.531043 after surging by 2.6% in the last 24 hours and 2.8% in the last seven days. The asset also has a bullish score of 95/100 with a market cap of $1,127,078,484.
