The Sandbox metaverse platform is confident to add 3 to 4 million users in the next two years from India through the BharatBox platform.
India, a fast-growing country that has adopted the digital industry to improve its economy, has attracted notable global Web 3.0 companies in the past few years. Despite the country’s regulators implementing punitive 30 percent tax rates on digital currencies profits, the Web 3.0 industry is preparing for the highly anticipated bull cycle to avoid running into bankruptcy. Moreover, the crypto bear market has taken several firms down that were poorly managed and those not prepared for the regulatory crackdown.
The Sandbox Eyes in India’s Vast Market
The Sandbox (SAND), a blockchain-based virtual world offering immersive gaming experience, has targeted the crypto market of India to expand its global community. Earlier this year during India’s Unfold 2023 Web 3.0 event, the Sandbox announced a strategic partnership with CoinDCX cryptocurrency exchange and its web3 wallet Okto.
“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,” Sandbox Co-Founder Sebastien Borget noted.
Notably, The Sandbox has created a designated space for the Indian Web 3.0 community dubbed the BharatBox. According to BharatBox Chief Executive Officer Karan Keswani, The Sandbox is about to onboard millions of Indian web3 users in the coming few years. Moreover, The Sandbox has established itself as a leader in the metaverse space backed by Animoca Brands
“Our strategic ecosystem partnership with CoinDCX and the Web 3.0 wallet Okto gives us exposure to their 16 million users,” said Keswani. “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.”
With BharatBox working on bringing the entire Animoca Brands ecosystem to the Indian metaverse community, the executives are confident of heightened adoption in the coming quarters. Moreover, The Sandbox ecosystem has deep liquidity for its NFTs and high trading volume for the native digital asset. Currently, The Sandbox has about 5 million global users, thus making its entry into the Indian market a strategic opportunity to grow immensely amid the upcoming bull market.
SAND Market Outlook
The Sandbox network has grown to a respectable metaverse ecosystem with a valuation of about $1.5 billion. Amid the ongoing altcoin awakening, SAND price has rallied nearly 30 percent in the past four weeks to trade around 52 cents on Thursday, December 21, 2023. The utility-based altcoin is on the cusp of a major bullish uptrend after a successful breakout from a falling logarithmic trend. Moreover, the weekly Relative Strength Index (RSI) has rallied above 50 for the first time since the 2021 bull rally, thus signaling the bulls are in control.
