Forbes buys land in The Sandbox to revive metaverse hype.
To delve deeper into the Web3 space, Forbes has launched a virtual ‘luxury pool’ for players of The Sandbox.
Forbes recently announced its entry into The Sandbox metaverse, claiming a permanent part of the virtual land. Forbes describes the purchase as evidence of its belief in the transformational potential of the metaverse, envisioning the space as a bustling community hub offering a variety of interactive experiences, workshops and events.
Specific details about these experiences have yet to be revealed, but Forbes boasts that the virtual environment already features features such as “a luxurious swimming pool, an elegant bar, and a gallery dedicated to celebrating the 2024 Under 30 honorees.”
“Our venture into The Sandbox metaverse is a testament to Forbes’ commitment to embracing the forefront of technological innovation.”
Taha Ahmed, Forbes Chief Growth Officer
However, insights from NFT Price Floor reveal a different picture of the virtual land market. Data shows that The Sandbox’s average price per land has been steadily declining since October 2022, reaching an all-time low of 0.204 ETH per land as of February 20.
Likewise, Decentraland, another metaverse-focused virtual reality project, is also seeing investor exodus, with average floor prices per land hitting record lows. Despite these market trends, Forbes remains firm in its strategy, aiming to set “a new standard for what a metaverse experience can be.”
Forbes’ latest move appears to be part of its ongoing efforts to foster the web3 community ahead of a potentially new cryptocurrency rally. In December 2023, crypto.news reported that Forbes was collaborating with blockchain startup Galxe to push deeper into the web3 market through a project called ForbesWeb3.
Source: https://crypto.news/forbes-purchases-land-in-the-sandbox-to-revive-metaverse-hype/
