The Sandbox and ImmutableX report growth as the Web3 gaming sector recovers

The native tokens for The Sandbox and Immutable X blockchain gaming platforms have witnessed significant growth over the past month. The SAND token has gained 56% over the past month, while IMX has gained 111%. The gains come amid a notable gain across the Web3 gaming sector.

The Sandbox gains 56% this month

The Sandbox and ImmutableX are some of the largest players in the blockchain gaming NFT and metaverse sectors. The fans of these projects have reported significant growth in the market. The technology behind the two gaming blockchains has allowed users to access multiple games, which has triggered an increase in the number of fans.

The native token of The Sandbox, SAND, has witnessed a slight correction over the past day. In the last 24 hours, SAND has dropped by 11%, according to CoinGecko, to trade at $0.809 at the time of writing.

SAND is an ERC-20 token used to power The Sandbox multiplayer metaverse. In this virtual world, the players can create, monetize and participate in creating a blockchain-based gaming experience.

SAND is this platform’s governance token and comes with various use cases. The token can access a wide range of games, trading in-game items and customizing avatars within the Sandbox metaverse. Creators can also use the SAND token to upload the creation with The Sandbox marketplace.

The Sandbox is one of the largest NFT-based gaming platforms on the Ethereum blockchain. The platform secured $95 million in a Series B funding round led by the Softbank Vision Fund to support expansion and secure another $400 million at a valuation of $4 billion.

The Sandbox recently secured a partnership deal with Saudi Arabia Digital Government Authority (DGA) during the LEAP 2023 conference. The company said it was looking forward to using the partnership to explore, advise and support each other through the metaverse. Last month, The Sandbox also announced a 180% year-on-year growth in real estate NFT sales.

ImmutableX pumps 111% in one month

IMX, the native token for ImmutableX, has reported gains of around 111% over the past month. However, in the last 24 hours, it has dropped by 7.2% to trade at $1.01 at the time of writing.

IMX is also an ERC0-20 token and is usually promoted as a scaling solution for digital collectibles. The token rewards network activities like trading, providing liquidity and creating applications. The token can also be used to stake on ImmutableX.

Users who want to earn IMX tokens can do so by completing activities that benefit the protocol. ImmutableX was launched in 2018 and currently operates as a layer-two scaling solution for the Ethereum network with fast and cheap transactions.

A DApp industry report of 2022 noted that ImmutableX was among the few networks with a robust gaming ecosystem in 2022. However, last month, the NFT trading volumes on the platform dropped by 3.67%, with $14.2 million in trading volumes.