Forbes purchases land in The Sandbox to revive metaverse hype

In a bid to dive deep into the web3 space, Forbes has rolled out a virtual ‘luxurious pool’ for players in The Sandbox.

Forbes has recently announced its entry into The Sandbox metaverse, claiming a permanent piece of virtual land. Describing the purchase as a testament to its faith in the metaverse‘s transformative potential, Forbes envisions the space as a bustling community hub offering various interactive experiences, workshops, and events.

Although specific details about these experiences are yet to be revealed, Forbes boasts that its virtual environment already has features like a “luxurious pool, an elegant bar, and a comprehensive gallery dedicated to celebrating the 2024 Under 30 recipients.”

“Our venture into The Sandbox metaverse is a testament to Forbes’ commitment to embracing the forefront of technological innovation.”

Taha Ahmed, Forbes chief growth officer

However, insights from NFT Price Floor paint a different picture of the virtual land market. Data shows a steady decline in the average price per land in The Sandbox since October 2022, hitting an all-time low of 0.204 ETH per land as of Feb. 20.

Similarly, Decentraland, another virtual reality project focused on the metaverse, is also witnessing an investor exodus, with the average floor price per land reaching an all-time low. Despite these market trends, Forbes remains steadfast in its strategy, aiming to set a “new standard for what a metaverse experience can be.”

Forbes’ latest move appears to be part of its ongoing efforts to cultivate a web3 community, potentially ahead of a new crypto rally. In December 2023, crypto.news reported Forbes’ collaboration with blockchain startup Galxe to venture deeper into the web3 market with a project called ForbesWeb3.