UA Multimedia (OTCMKTS:UAMM) stock is surging higher on Thursday after the company announced plans for a metaverse game in Sandbox (CCC:SAND-USD).
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Sandbox is based on Ethereum (CCC:ETH-USD) and offers users a virtual space to build their worlds. UA Multimedia is purchasing a plot of virtual land within the Sandbox to build its own metaverse game.
According to a press release from the company, this will have it focusing on a Sandbox Play-to-Earn game. This will allow it to monetize the game, as well as introduce NFTs game assets that players can buy and sell.
Michael Lajtay, CEO of UA Multimedia, said the following about the metaverse move sending UAMM stock higher.
“We are excited to ramp up our metaverse initiative beginning with Sandbox. Sandbox has a uniquely versatile ecosystem from which we can build on and monetize. We now have a number of promising crypto projects in our pipeline which should elevate UA Multimedia onto another level and allowing us to pursue acquisitions and more significant projects.”
UA Multimedia doesn’t plan to stop with just a Sandbox game. The company also points out that it’s considering a presence in Decentraland (CCC:MANA-USD). The company wants to diversify its metaverse operations to reach a wider range of customers.
UAMM is getting extra attention today with its metaverse play. That has some 16 million shares of its stock on the move as of this writing. For comparison, the company’s daily average trading volume is closer to 3.1 million shares.
UAMM stock is up 26.3% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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