Snowfall Protocol (SNW) is scheduled to be implemented on February 3, 2023. The coin has become the most popular cryptocurrency of the season for crypto investors. However, its contemporaries such as Filecoin and Sandbox failed to inspire the same trust from its current and potential customers. So can Snowfall Protocol (SNW) release revitalize Filecoin and Sandbox?
Let’s find out.
Why Are Filecoin (FILE) and Sandbox (SAND) Struggling?
FileFilecoin (FILE) allows users to sell additional network storage on their servers, laptops and smartphones. Investors are of the opinion that while cryptocurrencies like Filecoin (FILE) offer large storage space, they do not have a user-centric use case. There are not enough NFTs or other assets to use the vast memory available. Filecoin (FILE)’s problems are compounded by problems in its backend operations. OpenSea Storage is one of the largest Filecoin customers.
OpenSea has 17.6 million terabytes of storage space. However, OpenSea has seen a drastic decline in its user base. At the beginning of 2022, OpenSea recorded a transaction volume of 4.8 billion US dollars.
However, the value of the transaction has now been reduced to just $159 million. That’s up from 97. Filecoin (FILE) price also followed the same move. It was around $236 in April and has now fallen to $2.99.
Sandbox
In 2021, the cryptoverse came alive with Metaverse startups. A new Metaverse popped up every week. Sandbox (SAND) hit its all-time high of $8.48 at the time. After that, it has experienced a steady decline.
Metaverse and crypto games were not as successful as the developers had hoped. Hence, crypto users have rejected the concept of sandboxing (SAND). Investors currently buying crypto are looking for stronger use cases. As mature use cases emerge, cryptocurrencies like Sandbox (SAND) will have a harder time asserting themselves. The sale of Sandbox (SAND) is also likely due to investor concerns.
You can see that the larger ecosystems have sunk into crypto blocks and are taking shelter by abandoning metaverse platforms like Sandbox (SAND).
Snowfall Protocol (SNW) Continues To Make Strong Progress
Snowfall Protocol (SNW) has enjoyed positive investor sentiment since the pre-sale. This is mainly due to a strong use case and the vision of its developers. Snowfall Protocol (SNW) is an interoperability bridge. It offers its users a convenient way to transfer crypto assets and stocks. Its developers also want Snowfall Protocol (SNW) to become a crypto highway that allows users to switch between cryptocurrencies.
Investors are excited about the proposal. This is evidenced by the increase in the price of cryptocurrencies over the months. Snowfall Protocol (SNW) was pre-sold at $0.005, rose to $0.025 after Phase 1, and reached $0.075 at the end of phase 2 and surpassed $0.1 in sales in phase 3. Since it will be released in January, it will also work well for problematic coins like filecoin and sandbox. Snowfall (SNW) protocol will boost investor confidence. In addition, the interoperability bridge enables easy asset transfer between Filecoin, Sandbox and other cryptocurrencies.
Snowfall Protocol (SNW) is an incredibly useful blockchain that aims to improve the entire crypto ecosystem.
Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Twitter: https://twitter.com/snowfallcoin