Crypto

Good news for The Sandbox crypto

01/23/2023
Bitcoin Ethereum News

Fresh and excellent news for The Sandbox metaverse: record land sales have been reported in recent hours and its native crypto SAND, while coming off a period of uncertainty, seems to be on the upswing. 

In addition, the Sandbox metaverse has just made its way into the list of the most used smart contracts among the top 100 ETH whales in the last 24 hours. However, the question arises as to whether this is an indicator that the metaverse network is experiencing increased demand or not. 

It is worth remembering that The Sandbox is a community-driven metaverse, or more accurately 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 items to use. What is special is that this virtual world is connected to the Ethereum blockchain, and any digital item, including characters, are NFTs that can be created, purchased, and traded.

Watch out for The Sandbox and its crypto SAND: an important value stream 

WhaleStats recently confirmed that The Sandbox has received special attention from ETH whales in the last 24 hours. This factor is very important because it means 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: 

In addition, in a related note, The Sandbox also released its data on real estate NFT sales, revealing an impressive 180% year-on-year growth. The platform also reported sales of about $1.4 billion during the same period. 

Sandbox’s land market capitalization was $167 million, making it the third largest after Decentraland and Otherside. As stated by Sandbox’s official Twitter account: 

It is important to note that this all occurred 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 NFT trading volumes from The Sandbox confirms a good performance over the past six months.

Even though SAND, the platform’s native crypto, has enjoyed good demand with respect to land and other NFTs on its platform, it has not been all rosy in other areas. For example, its market capitalization has declined dramatically in the past six months. Performance is more representative of general bearish market conditions.

Sandbox’s market capitalization and the recovery of the SAND crypto

Sandbox’s market capitalization has enjoyed a healthy recovery over the past three weeks. This is reflected in the price action of SAND, which has been recovering since the beginning 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. In addition, there are signs that suggest we may be beginning to see potential weakness in the bullish trend. 

For example, the supply held by top addresses saw a slight increase earlier this month, but has declined sharply since 19 January. This suggests that the top addresses or whales are cashing out after the recent rally.

Before then, the average age of the cryptocurrency had been rotating since mid-month, indicating that SAND was changing hands. In other words, 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 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 range.

The Sandbox metaverse’s peculiarity: everything is for sale 

A peculiarity of The Sandbox is that everything is for sale. By using SAND within the metaverse, it is possible to buy 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 NFTs and experiences within The Sandbox, simply go to the integrated marketplace or the OpenSea platform, where LAND are also for sale. 

Buying and selling is done through SAND, but of course everything is also connected to the real world, as SAND can be converted to Euros, Dollars or other currencies.

Thus, everything is monetizable in some way, even the experiences themselves. 

In this regard, it is possible, for example, 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.



Source: https://en.cryptonomist.ch/2023/01/23/good-news-sandbox-crypto/