What Happened

The cryptocurrency rally that was bringing hope to many investors came to an end on Monday, but not all tokens and coins were reaping the benefits. The Sandbox (SAND -0.67%) saw its stock tumble more than 3% in one afternoon, while Bitcoin was around 2% higher.

And

This drop occurred despite the recent launch of a promotional event for the gaming and metaverse platform by Animoca Brands, the token’s owner. Called the Lunar New Year Event, it is based on the holiday of the same name, which is particularly popular in Asia and runs until Sunday, January 22.

The Sandbox will be celebrating the Lunar New Year with a range of new experiences available through its developer partners across the globe. Users that are active in the metaverse will have free access to The Sandboxes in the world of online gaming.

The Event will take place between January 18 and February 28, with contests offering prizes such as 200,000 The Sandbox Tokens (worth approximately $140,000 at current market prices), as well as NFTs and related memorabilia.

Sandbox Co-Founder and COO Sebastien Borget said, “This is an important festival that showcases the amazing creativity of our Greater China community of brands and creators and demonstrates just how vibrant this virtual world can be across Asia (where The Sandbox is well established) and beyond.”

What Now?

Despite this successful marketing campaign, investors appear to be looking for more, as evidenced by the stock’s reaction. A flashy holiday-themed storefront may be nice, but it is not enough to move the markets. Investors may be looking to put their money into higher-tier crypto currencies that have seen greater gains recently.