Fresh and excellent news for The sandbox metaverse: record land sales have been reported in recent hours and its native crypto SANDwhile coming out of a period of uncertainty, seems to be on the right track turnaround.
Plus, the Sandbox metaverse just made its way into the list of top most used smart contracts. 100ETH whales in the past 24 hours. However, the question arises whether this is an indicator that the metaverse network is experiencing increased demand or not.
It’s worth remembering that The Sandbox is a community metaverse, or more specifically, an online platform that mimics a structure similar to the real world. In fact, there are users who populate it, territories to buy, places to visit and objects to use. The particularity is that this virtual world is connected to the Ethereum blockchain, and any digital element, including characters, are NFT which can be created, purchased and traded.
Beware of The Sandbox and its crypto SAND: a significant flow of value
WhalesStats recently confirmed that The sandbox has received significant attention from ETH whales over the past 24 hours. This factor is very important because it means that the network is experiencing a major value stream and maybe even a influx of demand for his offerings.
This is confirmed by the official WhaleStats Twitter account, which reads as follows:
Check the top 100 whales here: https://t.co/N5qqsCAH8j
– WhaleStats (crypto whale tracking) (@WhaleStats) January 21, 2023
Additionally, in a related note, The Sandbox also released its real estate data. NFT sales, revealing an impressive 180% year-on-year growth. The platform also saw sales of around $1.4 billion during the same period.
Sandbox’s land market capitalization was $167 millionmaking it the third after Decentraland and Otherside. As stated by the official Sandbox Twitter account:
Virtual real estate #NFT skyrocketed to $1.4 billion in sales and 180% year-on-year growth. @TheSandboxGame boasts a market capitalization of $167 million+ LAND across all #metaverse platforms, proving the value and potential of virtual worlds in the NFT space.
— The Sandbox (@TheSandboxGame) January 20, 2023
It is important to note that all of this happened primarily during the bear market. Expectations are higher, especially now that the cryptocurrency market has shifted gears in favor of the bulls.
Perhaps the renewed interest in ETH whales is an indicator that this is already happening. An overview of The Sandbox’s NFT transaction volumes confirms a strong performance over the past six months.
Even though SAND, the platform’s native crypto, has enjoyed good demand when it comes to lands and other NFTs on its platform, it hasn’t been all rosy in other areas. For example, its market capitalization has dropped dramatically over the past six months. The performance is more representative of general bearish market conditions.
Sandbox Market Cap and Crypto SAND Recovery
Sandbox’s market capitalization has seen a healthy recovery over the past three weeks. This is reflected in SAND’s price action, which has been rallying since the start of this month.
Indeed, SAND is currently up nearly 118% from its 12-month low. It is now approaching the 200-day moving average, but is already overbought. Additionally, there are some signs to suggest that we may be starting to see potential weakness in the uptrend.
For example, the supply held by the best addresses saw a slight increase at the beginning of the month, but has fallen sharply since January 19. This suggests that the best addresses or whales are cashing in after the recent rally.
Before that, the average age of the cryptocurrency had been rotating since the middle of the month, indicating that SAND was changing hands. In other words, more investors were tempted to take profits, but that was not enough to trigger a significant pullback.
Perhaps SAND can sustain the rally for a while longer, especially if positive developments and organic demand can rebuild favorable sentiment. However, the rally may not last long, especially now that it is above the overbought Scope.
The peculiarity of the Sandbox metaverse: everything is for sale
A special feature of The Sandbox is that everything is for sale. Using SAND in the metaverse, it is possible to buy NFTs of works found in virtual museums, or sell items created with it. VoxEdit to other users.
In addition, it is possible to take possession of a LAND and build an interactive experience there by depositing a ticket at the entrance. To buy NFTs and experiences in The Sandbox, simply go to the in-app market or the OpenSea platform, where the LANDS are also for sale.
Buying and selling is done via SAND, but of course everything is also connected to the real world, because SAND can be converted into euros, dollars or other currencies.
Thereby, everything is monetizable in a way, even the experiences themselves.
In this regard, it is possible, for example, to become tourist guides, to show new users around for a small tip, or to teach the best combat techniques for the most difficult dungeons, to entertain with dancing and even role-playing. on a dedicated TERRAIN.