The Sandbox, a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain, is observing huge surges in activity according to DappRadar NFT rankings data. In the last 24-hours, the number of traders has increased by almost 90% to 186 while sales have increased by 164% to 209 swelling volume by over 440% to almost $400,000 in the last 24-hours.
Looking at the average cost of a sale gives further insight. With almost $400,000 from 209 sales in the last 24-hours, the average sale price is around $1900 dollars. Looking at the top 5 NFT collections it’s clear to see the entire industry is peaking with dapps such as CryptoPunks and NBA Top Shot gathering over $1 and $11 million dollars respectively in NFT sales in the last 24-hours.
In the last 30-days, The Sandbox has accumulated over $2.7 million dollars from 2,014 sales making the average sale price roughly $1,340 dollars. It would appear the average sale price within The Sandbox is being pushed higher by recent sales as previously mentioned the average cost within the last 24-hours is closer to $1900. An increase of over $500.
The Sandbox gaming platform consists of three integrated products that together provide a comprehensive experience for user-generated content production. The combined products further benefit users by allowing them to secure copyright ownership for their user-created content through blockchain and smart contracts.
What caused it?
One cause of the surge for the Sandbox has been the announcement of its beta marketplace or third integrated product which will allow the creation, buying, and selling of Sandbox NFTs within the platform itself. An important first step leading up to the launch of The Sandbox Metaverse – allowing creators to publish, share & sell NFTs with anyone and earn SAND tokens doing so.
Further competitions, rewards, and token incentives in collaboration with partners and individuals are also floating around the brand right now in an attempt to lure even more users.
Starting on March the 30th, the Marketplace Beta will give NFT creators the possibility to monetize their creations. The first phase will be a selected number of artists before everyone will receive access. Not long after gamers will be able to set foot in The Sandbox and compete in play-to-earn challenges.
Another cause could be the further attention given to The Sandbox as it was featured on CNBC’s popular and respected Fast Money where a discussion around how investors can now make real money by investing in fake land ensued.
Marketplaces becoming vital
Digital collectibles and crypto art marketplaces such as Rarible, Opensea, and Foundation have been growing in popularity amidst the NFT frenzy in 2021 and The Sandbox wants to get in on the action. Importantly, this move should not be seen as a knee-jerk reaction to the hype surrounding NFTs but as a very well-planned move that has been in the pipeline for some time. In addition it importantly adds a cornerstone to the virtual world platform.
Useful Links
- Try The Sandbox
- What are NFTs?
- Top NFT Sales & Rankings
- What is SAND?
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