Just as with any other of its products, the firm will be looking at gaining enough embrace from investors in order to invest in the token to take advantage of its ecosystem growth across the board.
Switzerland-based crypto asset management firm, 21Shares has floated a new metaverse-focused investment product that is based on The Sandbox (SAND). Reported exclusively by Forbes, the investment product will be 21Shares’ attempt to bridge the gap amongst investors who have been clamoring to become a part of the growing metaverse world.
Dubbed as a digital world where the concept of virtual reality and Non-Fungible Token (NFT) backed innovation will help people to interact with one another, a lot of hype has been generated hinging on the metaverse in recent times. As a way to give direct credit to the positive future of the metaverse, Citigroup Inc (NYSE: C) recently unveiled in a report that the metaverse has a total addressable market that will fall within the $8-13 trillion by 2030.
The new investment product from 21Shares is one of its ways to give investors direct exposure to this industry, further extending its role as one of the oldest asset managers in the digital currency ecosystem. Created by Forbes 30 Under 30 alumni, Ophelia Snyder and Hany Rashwan, the SAND-focused ETP comes off as the firm’s 30th product to date.
According to Snyder, the launch of the product was driven by the massive demand for such products from clients who wish to diversify beyond the regular exposure to Bitcoin (BTC), and Ethereum (ETH).
“The conversation has really shifted away from, Is bitcoin going to exist in three years? To what will the crypto ecosystem look like in three years? And that means that the types of discussions we’re having with institutional clients are much more sophisticated…and metaverse is one of those things where you’re starting to see real themes emerge in crypto,” says Snyder.
21Shares and the Hopes for The Sandbox Product
Just as with any other of its products, the firm will be looking at gaining enough embrace from investors in order to invest in the token to take advantage of its ecosystem growth across the board.
21Shares has earlier launched a related metaverse ETP focused on Decentraland (MANA) that has garnered as much as $1 million in Assets Under Management (AUM). While this figure pales in comparison to other big assets managers’ products in the space like Grayscale’s Decentraland Trust, there are expectations that the demand surrounding The Sandbox at this time will stir more aggressive subscriptions to the product.
The Sandbox is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralized autonomous organizations (DAO) and Non-Fungible Tokens, the Sandbox creates a decentralized platform for a thriving gaming community.
There has been a big recognition attached to The Sandbox product which has onboarded a lot of big names including Snoop Dogg, Adidas, and the Care Bears as some of its partners. With the entire positivity surrounding the platform, 21Shares is optimistic about its product offering and its performance over time.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
