Fresh and excellent news for The Sandbox metaverse: record land sales have been informed in recent hours and its native crypto SAND, while coming off a period of uncertainty, appears to be on the upswing.
Additionally, the Sandbox metaverse network has just made its way into the list of the most used smart contracts among the top 100 Ethereum (ETH) whales in the previous day. Nonetheless, the question arises as to whether this is an indicator that the metaverse network network is experiencing increased demand or not.
It is worth remembering that The Sandbox is a community-driven metaverse network, or more accurately an online platform that mimics a structure similar to the physical world. In reality, there are users who populate it, territories to buy, places to visit, and items to use. What is special is the fact that this virtual world is connected to the Ethereum blockchain tech, and any digital product, including characters, are NFTs that can be created, purchased, and traded.
Watch out for The Sandbox and its cryptocurrency SAND: an important value stream
WhaleStats recently confirmed that The Sandbox has received special attention from Ethereum (ETH) whales in the previous day. This factor is quite important because it implies that the network is experiencing a major value stream and perhaps even an influx of demand for its offerings.
This is confirmed by the official WhaleStats Twitter account, which reads:
JUST IN: $SAND @TheSandboxGame once more a MOST USED smart contract between top 100 #ETH whales in 24hrs
Check the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SAND #whalestats #babywhale #BBW pic.twitter.com/FABH9f6nbQ
— WhaleStats (tracking cryptocurrency whales) (@WhaleStats) January 21, 2023
Additionally, in a related note, The Sandbox likewise released its data on real estate NFT sales, revealing an impressive 180% year-on-year growth. The platform likewise informed sales of about $1.4 billion during the same period.
Sandbox’s land market cap was $167 million, making it the third largest after Decentraland and Otherside. As stated by Sandbox’s official Twitter account:
Virtual Real Estate #NFTs soared with $1.4B in sales & 180 percent YoY growth. @TheSandboxGame boasts $167M+ LAND Market Capitalization across all #metaverse platforms, proving the value and potential of virtual worlds in the Non-Fungible Token (NFT) space.
Read on for some more statistics courtesy of @ParcelNFT pic.twitter.com/jepOvfS58I
— The Sandbox (@TheSandboxGame) January 20, 2023
It is worth mentioning that this all took place primarily during the bear market. Expectations are higher especially now that the digital currency market has shifted gears in favor of the bulls.
Perhaps the renewed interest in Ethereum (ETH) whales is an indicator that this is indeed happening. An overview of Non-Fungible Token (NFT) trading volumes from The Sandbox confirms a good performance in the previous 6 months.
Despite the fact that SAND, the platform’s native cryptocurrency, has enjoyed good demand with respect to land and other Non-Fungible Token (NFTs) on its platform, it has not been all rosy in other areas. For instance, its market cap has declined significantly in the past 6 months. Performance is more representative of general bearish market conditions.
Sandbox’s market cap and the recovery of the SAND crypto
Sandbox’s market cap has enjoyed a healthy recovery in the previous 3 weeks. This is reflected in the price action of SAND, which has been recovering since the beginning of this month.
Nonetheless, SAND is as of now up nearly 118% from its 12- 30 days low. It is now approaching the 200-day moving average, but is indeed overbought. Additionally, there are signs that suggest we could be beginning to see potential weakness in the positive tendency trend.
For instance, the supply held by top addresses saw a slight increase earlier these 30 days, but has declined sharply since 19 January. This implies that the top addresses or whales are cashing out after the past few rally.
Before then, the average age of the digital currency had been rotating since mid- 30 days, indicating that SAND was changing hands. To put it another way, more investors were tempted to take profits, but this was not enough to trigger a considerable pullback.
Perhaps SAND can sustain the rally for a time longer, especially if positive developments and organic demand can rebuild favorable sentiment. Nonetheless, the rally may not last long, especially now that it is over the overbought range.
The Sandbox metaverse’s peculiarity: everything is for sale
A peculiarity of The Sandbox is the fact that everything is for sale. By using SAND within the metaverse network, it is possible to buy Non-Fungible Token (NFTs) of artworks found in virtual museums, or to sell objects created with VoxEdit to other users.
Furthermore, it is possible to take possession of a LAND and build an interactive experience on it by placing a ticket at the entrance. To buy Non-Fungible Token (NFTs) and experiences within The Sandbox, simply go to the integrated marketplace or the OpenSea platform, where LAND are likewise for sale.
Buying and selling is done through SAND, but of course everything is likewise connected to the physical world, as SAND can be converted to Euros, Dollars or other currencies.
Consequently, everything is monetizable in some way, even the experiences themselves.
In this regard, it is possible, for instance, to become tour guides, showing new users around for a small tip, or to teach the best combat techniques for the most difficult dungeons, provide entertainment with some dancing, and even do some role playing on some dedicated LAND.