Recent reports indicate that 21Shares just introduced a new investment asset SAND ETP as it continues to explore the Metaverse assets. According to the latest, the SAND ETP is the second Metaverse focused ETP after 21Shares introduced the first in early February.
21Shares Launches SAND Based ETP
On Tuesday, April 5th, 21Shares announced its plans to introduce a new investment asset whose primary role is to target the metaverse industry. 21Shares is a Swiss-based network created to offer ETPs based on digital assets like BTC and others.
Recently, the platform announced the launch of its 30th investment product based on the SAND token. SAND is the primary token of the Sandbox Metaverse network, a digital universe that allows the community to interact, play games, and do other activities. SAND has been an important part of the Metaverse, and 21Shares wants to get a share too.
21Shares introduces a SAND token ETP, meaning that all the ETP investors will indirectly be investing in the Sandbox Metaverse. According to Ophelia Snyder, one of the executives of 21Shares, the crypto industry is at a crucial development stage, with people moving from popular assets to small assets.
When talking about the growth of crypto, Snyder said that “The conversation has really shifted from: Will bitcoin exist in three years? To what will the crypto ecosystem look like in three years? And that means the types of discussions we have with institutional clients are much more sophisticated… and Metaverse is a one of those things where you start to see real themes popping up in crypto.”
21Shares Joining the Metaverse
Over the past, 21Shares has majored in investing in top mainstream assets like Bitcoin and Luna. Even in mid-February, the network launched an FTX ETP. But, the network has since February been targeting the less popular Metaverse assets.
There are reports that general and search in the Metaverse have surged vastly over the past few months. In fact, over the past few months, many noncrypto institutions have been making plans to join the Metaverse.
For instance, the SAND ETP is not the first Metaverse ETP on 21Shares. In mid-February, 21 Shares listed an ETP for the Decentraland Metaverse. According to reports, 21Shares unveiled a new ETP based on the MANA token. 21Shares is going into the Metaverse.
21Shares’ introduction of the SAND and MANA-based ETPs will help more projects and individuals tap into the crypto market without trading risks. The moves by 21Shares will contribute to growth in Sandbox and Decentraland.
Institutions in the Metaverse
Various other top institutions have joined the Metaverse in the past. In late 2021, Addidas and Nike both had independent plans of entering the Metaverse. Addidas partnered with Coinbase in a mission to explore the Metaverse. Adidas bought a piece of Metaverse land in Sandbox.
Nike, the main Adidas competitor, also bought land on ROBLOX. Earlier this year, HyperX, a gaming network, announced its plans to create a metaverse platform. These are just a few cases indicating the classic move of top institutions into new technology.