Switzerland-based firm 21Shares has launched a new exchange-traded product to give investors exposure to the Sandbox metaverse.
Metaverse ETP will be 21Shares’s 30th cryptocurrency exchange-traded product and will be cross-listed on Euronext Paris and Amsterdam.
21Shares, which unveiled Decentraland ETP in February, says that the choice of Sandbox is driven by investor demand looking for opportunities outside the scope of Bitcoin and Ethereum.
The Chief Executive Officer of 21Shares, Hany Rashwan, says that the metaverse is a popular aspect of the cryptocurrency space, and SAND will most likely succeed.
Most metaverse-related tokens have remained subdued, with SAND dropping as low as 40% in the past three months. MANA and AXS are also underperforming in the industry.
21Shares has about $3 billion in assets under management with more than 100 listings, including Binance, which tracks ETP.