A new ETP based on the tokens of the popular metaverse game The Sandbox has been launched. The providers of this ETP are 21Shares. Now a lot of you here may not know what an ETP is.
If that is the case, then let’s start by first discussing what an ETP is. And from there we will move on to the other related things.
What is an ETP?
An ETP is a support service for the bigger blockchain of the metaverse. Basically, it is a tool by which investors can easily monitor the blockchain and set bets on the trends of the blockchain. Now the metaverse is made up of a number of blockchains and thus there are ETP services for each of these blockchains. A single blockchain can have multiple ETP services associated with it.
There are specific companies offering ETP services and 21Shares is one such company. Well, now that the basics are clear, let’s take a deeper look at the new 21shares ETP service.
The new and latest 21Shares ETP service has been launched for the game The Sandbox. The service will let clients deal in the Sand cryptocurrency of The Sandbox game. the CEO of 21Shares, Hany Rashwan has said that the new ETP service will make it really convenient for the investors to make profits over the trends of The Sandbox token. The announcement of the launch was done on 7th April 2022.
Really soon the latest ETP of 21Shares is going to be listed on Euronext Paris and Amsterdam. This is not the first listing of the company though. Prior to the launch of the new ETP, the company already had 29 cryptocurrency ETP services for a lot of other blockchains in the metaverse.
The most popular among them is the Decentraland ETP that uses the MANA token. From this, the question arises did 21Shares see in The Sandbox that prompted them to launch their 30th ETP?
The reason behind the launch
The company’s CEO Rashwan has said that they were prompted to launch the new Sandbox ETP because people had been asking for a new option to invest in, in the ETP market. While Bitcoin and Ethereum continue to dominate the market, The Sandbox lovers were really waiting for the sole Sandbox ETP. Rashwan is sure that the new ETP will gain popularity as The Sandbox itself is gaining popularity. This is another reason why 21Shares decided to launch the ETP for The Sandbox.
While all that is said above is very much the truth, a popular opinion in the market is that the new ETP has been launched to actually salvage The Sandbox token.
The opinion has some ground because as per reports, the Sand token of The Sandbox has seen a 40% drop in its value. Has the new ETP by 21Shares been able to salvage The Sandbox? Right now, the answer is difficult to guess. We will have to wait for now to know the answer.
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