Why The Sandbox Cryptocurrency Triumphed on Tuesday
On the surface, what happens with cryptocurrency The Sandbox (CRYPTO: SAND) has very little to do with events in corporate entertainment. Yet a recent move at TV and movie giant Walt Disney (NYSE: DIS) helped juice the price of the cryptocurrency on Tuesday. As of late afternoon, The Sandox had gained nearly 6% in value over the preceding 24 hours.
An article published Tuesday morning in The Wall Street Journal said that included among Disney's current round of layoffs is the unit responsible for developing metaverse strategies. Citing unnamed "people familiar with the situation," the financial newspaper wrote that the metaverse employees are among the roughly 7,000 Disney workers who are being given pink slips.
Like many other metaverse efforts, it seems The Mouse's bore little or no fruit. This might have been conspicuous in a company like Disney, which prides itself on harnessing the latest technology to enhance films, theme park rides, consumer goods, and many other items and experiences it sells.
Source Fool.com
