Quick take:
- 21Shares has launched a metaverse exchange-traded product through The Sandbox’s SAND token.
- It is the crypto products firm’s 30th ETP and will be cross-listed on Euronext Paris and Amsterdam exchanges.
- The Swiss crypto ET issuer is giving institutional investors an opportunity to invest in The Sandbox’s rapid growth.
Leading crypto exchange-traded products (ETP) issuer 21Shares has launched its 30th ETP via The Sandbox’s SAND token. The latest metaverse-themed ETP comes following the firm’s launch of Decentraland (MANA) ETP in February.
The metaverse has become a focal point for leading exchange-traded product issuers recently with several US-based firms including ProShares launching their own Metaverse ETF.
Last month, Europe also got its first metaverse ETF after ETC Group collaborated with HANetf to launch the exchange-traded fund that tracks the Solactive ETC Group Global Metaverse index listed on New York’s Arca exchange.
The metaverse is described as a 3D virtual space of immersive worlds that is built on the next iteration of the internet, dubbed Web3.
Exchange-traded products are deemed as leveraged vehicles that institutional investors can use to capitalise on the explosive growth of the metaverse. Leading investment banks like Goldman Sachs, ICAP, JPMorgan and UBS have all bought ETPs for their clients.
The Sandbox is a metaverse platform built on the world’s leading decentralised developer apps ecosystem Ethereum. The platform offers integration of third-party gaming products alongside its own games and digital real-estate ownership among other metaverse-based experiential services.
21Shares’ new ETP will give investors exposure to The Sandbox’s metaverse and blockchain gaming projects, capitalising on the rapid growth of the platform.
The Sandbox is a subsidiary of Animoca Brands, one of the leading GameFi and blockchain investment companies in the space. Its founder, Yat Siu has maintained the importance of creating a metaverse open for everyone by consistently backing projects that want to bring Web3 to the masses.
Hany Rashwan, CEO and co-founder of 21Shares said one of the reasons behind the new ETP was due to investor demand, who want to diversify their crypto exposure beyond bitcoin and Ethereum.
“The metaverse is one of the most pre-eminent themes within crypto at the moment, with The Sandbox in particular showing strong growth to become the best performing blue-chip metaverse token,” said Rashwan.
His firm has more than 130 ETP listings, amounting to approximately $3 billion in total assets under management (AUM).
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