What happened

Today, metaverse-related cryptocurrency The Sandbox (SAND -13.36%) has taken off, up nearly 14% as of 2:30 p.m. ET. This move is a continuation of a multiweek long trade that has seen it appreciate nearly 500% over the past month alone.

The Sandbox has continued to accelerate higher throughout the day. This is a cryptocurrency with tremendous momentum, not only in recent trading days but over the past few weeks.

The word Metaverse in front of a digital globe.

Image source: Getty Images.

So what

Indeed, there are some strong tailwinds behind The Sandbox right now. A leading Ethereum-based blockchain project focused on providing users with the ability to create their own virtual worlds, it has become a fast-growing part of the blockchain-powered metaverse space.

The Sandbox isn't the only blockchain-based metaverse game with its own token. The fact that this platform allows users to create non-fungible tokens and use them in game or integrate them with the platform's marketplace also isn't new. Far from it. This is a fast-growing space, with new entrants all the time. Accordingly, some investors may wonder why this may be a compelling investment relative to the competition right now.

Well, The Sandbox is one project that has gained some impressive traction. As of early November, it had more than 500,000 registered wallets and 12,000 virtual land owners on its platform. It was also able to raise $93 million in a Series B financing and has had some high-profile names such as Snoop Dogg engage with the platform.

Now what

Investors seeking cryptocurrencies with tremendous momentum and the potential for portfolio-altering returns are looking for options such as SAND. It currently has a market capitalization of "only" $4 billion. However, this is also a quickly ascending cryptocurrency, having broken the top 50 list in terms of cryptocurrencies by market capitalization today.

Given the outsize interest around the metaverse space, and the implications that blockchain-based metaverse games could have in this environment, this is a cryptocurrency that investors appear to be ready to jump on. Of course, like all cryptocurrencies, there's inherent risk with owning any digital asset that's difficult to intrinsically value. However, given the various catalysts driving this cryptocurrency higher, it appears there may be quite a long way for this one to run.