Around 71M tokens were released to the team as per the tracker.
SAND is now trading at $0.3904, down 1.15% as per data from CMC.
A total of 332,000,000 SAND tokens, or around 16% of the total circulating supply of the digital asset, have been unlocked by The Sandbox. At the moment of unlock, the tokens were valued at around $133 million.
Token Unlocks, a tracker that keeps tabs on vesting schedules, reports that 71M tokens were released to the team, 37.5M to advisors, 96.8M to the business reserve, 24M to strategic sale purchasers, and over 103M to participants in the seed sale. Tokens held by these individuals may now be traded freely between buyers and sellers.
Bears Dominate the Prices
Since token unlocks unfreeze liquidity and pumps it into the open market, they are often quite pessimistic for the values of digital assets. For the last month leading up to the unlock schedule, the SAND token has been on a downward trend.
Source: CoinMarketCap
The cryptocurrency was trading at roughly $0.45 on July 15th. After that, it plummeted to where it is now, at $0.3904, down 1.15% as per data from CMC. Unlocks for the next batch of SAND tokens are scheduled for February 14 next year. By then, over 205 million tokens will have been released and distributed among the company’s employees, reserves, and advisors.
While this was going on, The Sandbox was steadily introducing new users to the metaverse. On July 28 the business announced a partnership with the British Museum to increase public access to museum exhibits. Players of The Sandbox may now make use of the museum’s resources to learn about art, culture, and history.