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The Sandbox
The Sandbox is a significant Metaverse project which is a play-to-earn (P2E) game based on the Ethereum blockchain that uses Decentralised Finance(DeFi) and Non-Fungible Tokens(NFTs) in a three-dimensional Metaverse.
The Sandbox game lets its enthusiasts build and develop games and digital assets and customization via tools like Game Maker and VoxEdit.
And these in-game creations can be monetized through Non-Fungible Tokens and sold through the Sandbox Marketplace for the SAND tokens.
But despite the popularity of the project, the Sandbox has witnessed a plunge in its LAND Sales.
But What Are LANDs in The Sandbox?
LANDs are the virtual pieces of real estate in the virtual world. These are the Non-Fungible Tokens(NFTs) operating on the public blockchain Ethereum. The users usually purchase LANDs to use them for games, assets, and varied interactive experiences.
The Sandbox metaverse consists of a map that comprises 166,464 LANDs. The Land owners can host events and contests, interact, play, explore, etc.
For instance, Snoopverse by Snoop Dogg, where he has mimicked his real-world life.
Let’s Have a Look At Overall NFTs Performance in the Year
The Non-Fungible Token (NFT) industry has witnessed several changes in 2022, similar to the entire crypto market. And the Quarter one of the year indicated a considerably low performance.
A report by Nonfungible about the NFT market performance in Q1 2022 posed questions raised if the NFTs frenzy is gradually depleting as Q1 witnessed an approximately 46% drop in the number of NFT sales.
Land Sales In The Sandbox
If the land sales ran with a great speed last year, this year, they have been just crawling. The sales have consolidated between a range of 10,000-11,000. According to data by DuneAnalytics, on January 1, 2022, they were 104,296 and just saw an increase to 109,726 on May 20, 2022.
In Fact, the Land Sales have witnessed a massive decline lately, with 24,516 in the month of January. And they have only plunged as the months passed by, with just 2,255 in May.
OpenSea, one of the largest NFT marketplace, highlights that the LAND NFT sales have fallen considerably in the last few months.
A reason associated with this downfall may be because the Metaverse frenzy, which reached a peak during last year when Facebook rebranded itself as Meta, has faded a bit now.
But in the case of Non-Fungible Tokens (NFTs), the escalating interest rates have crushed risky bets throughout the monetary markets, and NFTs are one of the most speculative.
Even the NFL Holders are also losing interest in the sector because they think their value is declining and their investment might not be worth as much as they thought it would be.
Yet, it is ironic to see that the NFTs gained a lot of hype last year, and the space also has a lot of prominent names associated with it. Some LANDs on The Sandbox are owned by Square Enix, Deadmau5, Atari, Roller Coaster, Binance, Smurfs, Tycoon, etc. It has also collaborated with Adidas, OpenSea, CoinMarketCap, Maker, WAX, etc.
It is to look forward if the drowning sales volume would manage to surface in the waters of the NFT industry.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
