TIME, the world-famous media company of the USA, agreed with Sandbox for its first virtual environment in Metaverse. TIME Square, which will be built on the Sandbox platform, will be used for virtual meetings, art events and commerce. Its design is expected to reflect the aesthetics of the famous square in New York.

TIME President Keith A. Grossman said in a statement on the subject:

   "Our goal is to create an environment that will be the center of the Metaverse. By launching TIMEPieces in September 2021, we focused on developing a community on Web3 that leverages the 100-year legacy and reach of TIME."

Sebastien Borget, COO and Co-Founder of The Sandbox, said that Sandbox is often seen as a "virtual Manhattan." Borget defines Sandbox as an environment where people can perform all their social activities virtually. He also says the platform is full of new opportunities and is a vibrant space with culture, entertainment and brands.

Sandbox Sand

Sandbox's native token, SAND, is currently the 46th largest cryptocurrency with a market cap of $1.16 billion. SAND is changing hands above the $0.9 level, up 5.8 percent in the last 24 hours. SAND is currently losing 90 percent of its value at its peak price of $8.48 in November 2021.

Crypto firm BlockFi signs $250M revolving loan deal with FTX

BlockFi CEO Zac Prince said on Twitter today that BlockFi has signed a preliminary contract with cryptocurrency exchange FTX for a $250 million revolving loan facility. The deal is expected to meet BlockFi's short-term capital needs as the bearish trend continues in the cryptocurrency market. Last week, the company reported that it had cut headcount by nearly 20%, alongside other cost-cutting measures such as cutting marketing spend and executive compensation.