The metaverse is among the rapidly growing sectors within the cryptocurrency industry. It has been recording enormous demand from institutions and individual investors.
Nevertheless, the metaverse world isn’t witnessing a similar reaction as far as investments are concerned. That had one of the top two metaverses, Sandbox, taking a blow.
Unrest Waves Hit Sandbox
The bearish conditions within the crypto markets within the past few months explain why metaverse projects didn’t perform according to expectations. The industry witnessed a muted reaction to the adoption index. Furthermore, long-term investors endured losses as most assets resorted to declines.
The Sandbox presented an exceptional performance until January. Besides peak demand, the metaverse projects enjoyed impressive ROI (return on investment) on land plots.
Furthermore, it opened Q1 with a land unity worth more than$4,701, a record high. Nevertheless, declines emerged, and the figure stood at $2,162 last month, translating to a 54% slump.
Declining demand contributed to that as LAND units sold each month plummeted to 1,705 from 6,541. As a result, overall sales depreciated as months went by, plunging from January’s $27.45 million to $3.2 million.
Furthermore, Sandbox sold LAND units worth $1.25 million (only) between July 1 and July 10, bringing this month’s sales approximate to $3.7 million.
Nevertheless, Sandbox works in all ways to attract new market participants. For instance, it recently partnered with the lifestyle brand Playboy.
As revealed last week, the brand will launch its Metamansion in the virtual space and even launch NFT collectibles plus enhanced user experience. Though that could not be the best way to promote the metaverse, it might attract attention to Sandbox.
Sandbox is among the leading metaverse projects in the crypto world, enjoying traction since its 2017 inception. It’s a blockchain game that allows players to utilize NFTs to build a digital atmosphere in the Sandbox, hosted on the ETH blockchain.
Gamers can create an avatar to access Sandbox’s many games, locations, and centers. The platform uses SAND as a native token.
Meanwhile, it attracts players due to its flexibility, allowing individuals to match their world with their needs and interests. Experts believe Sandbox is a long-term project in the crypto space.
Editorial credit: photo_gonzo / shutterstock.com
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