The Sandbox (SAND) Token Unlock and Market Performance
The Sandbox (SAND) recently performed a planned unlock of 332 million tokens, representing around 16% of the circulating supply. The unlock included allocations for the team, company reserve, advisers, strategic sale buyers, and seed sale participants. As a result, the tokens are now free to be transferred and traded. The next scheduled token unlock for SAND is expected in February 2024.
However, the token’s performance has been underwhelming. The SAND token has been on a long-term decline since November 2021, currently trading over 95% lower than its peak price. Similarly, its competitor Decentraland (MANA) has also experienced a significant drop in value, trading over 93% lower than its all-time high.
Interest in the metaverse has also waned, with a 92% decrease in interest since its peak in January 2022. The sudden surge in awareness after Facebook’s rebranding to Meta did not sustain, leaving many skeptical about the future of the metaverse.
Hot Take: The SAND token unlock adds to the downward pressure on its market value, reflecting the overall decline in interest and performance of the metaverse. It remains to be seen whether the metaverse concept can regain substantial ground in the future.
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