The Sandbox Announces $167M Land Market Cap
The Sandbox is alive and well in 2023. According to a report by Parcel Team, 2022 was a year of significant growth for The Sandbox. On Saturday, The Sandbox announced its accomplishments via Twitter and remains as bullish as ever in their social channels.
Virtual Real Estate NFTs on the rise
There are still reasons to be bullish. Last year, virtual real estate saw a 180% year-on-year growth with $1.4 billion dollars in sales. During this period of growth, The Sandbox rose in prominence and currently boasts a $167M+ Land Market Cap. Currently, The Sandbox sits third in the Land Market Cap rankings behind Decentraland and Otherside. Interestingly, landowners are holding onto their virtual assets in The Sandbox more than any other metaverse platform on the planet. Indeed, 54% of landowners held onto their Sandbox land NFTs in 2022.
The Sandbox getting whale attention
The Sandbox recently appeared in the top 100 most used smart contracts among ETH whales. This revealed a shift in momentum towards the platform.
Could a bull market be on the horizon? Following a cold crypto winter in Q3 and Q4, there’s every reason to believe that a revival is on its way. If so, The Sandbox is well placed to be a major benefactor, with over 17k Unique Active Wallets (UAW). Amongst a host of other exciting projects set to explode in 2023, The Sandbox remains as relevant as ever.
Virtual worlds are still the future
Immersive virtual platforms are preparing for a big year in 2023. New metaverse platforms will offer ways to play, socialize, and engage in virtual worlds like never experienced before. For instance, the new platform ‘Metaverse Seoul’ by the Seoul Metropolitan Government shows unprecedented attention to detail. What is more, these platforms are earning worldwide attention and recognition, as we saw in TIME Magazine’s best inventions of 2022. As we kick off the new year and Q1, we’re going to see new projects emerge and a market recovery may be just around the corner. During this time, virtual land sales are still retaining their value relatively well considering.
What the future holds
Virtual worlds and digital assets are preparing for a fightback this year. As part of this fightback, The Sandbox will be right on the front line, continuing to build its legacy.
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