Cryptocurrency is a mystery to some, but what happened beneath the surface on Tuesday? The Sandbox (SAND 1.98%) surged in value, and the driving force behind this was television and movie giant Walt Disney (DIS -0.84%). By late afternoon, the value of Sandox had climbed by around 6% in the past 24 hours.
A Tuesday morning article in The Wall Street Journal shed light on the situation, suggesting that the layoffs at Disney included personnel from its metaverse strategy unit. According to unnamed sources quoted by the financial newspaper, the metaverse staff accounted for approximately 7,000 of the around 7,000 jobs cut. Those who received their pink slips have been looking for new opportunities, which could include investing in crypto tokens and coins.
It appears that Disney’s foray into the world of metaverse gaming was unsuccessful, or at least not as successful as some of its other endeavors. The entertainment giant is known for its use of cutting-edge technology for films, theme park rides, and consumer products.
Among the metaverse-related assets, The Sandbox stands out. According to figures from CoinMarketCap.com, it is the seventh-most valuable crypto name, with a market cap of nearly $918 million.
The current environment for cryptocurrencies is helping to fuel the boom. Recent banking sector failures have made these decentralized investments more attractive, as they are not tied to the traditional financial system. In addition, increased regulatory scrutiny has made them more trustworthy and reliable.
Eric Volkman holds shares in Walt Disney. The Motley Fool owns shares and has written options on Walt Disney. The Motley Fool has a disclosure policy.