Most decentralized finance (DeFi) tokens within the crypto industry gain value depending on the success and function of their mother protocols. Generally, any shift in the protocol’s network sends ripple effects on the coin. Nevertheless, the narrative appears different for The Sandbox.
Out of The Box?
Though the Metaverse technology is the next big thing in digital representation and communication, it might need more time to guarantee perfection. That explains why it is yet to witness massive mainstream adoption. Companies and individuals, including brands, still try to understand how to benefit from the craze.
Virtual events have become effective promotion options for brands, and RLTY makes it smooth for companies interested in the move. RLTY will declare its Sandbox entry today. It will clear the path for artists, businesses, and brands to present virtual events in Sandbox without hassles.
RLTY will use its 6×6 LAND to host its event, following partnerships with popular fashion shows and festivals. Nevertheless, a question is whether the move will revive interest as Sandbox hasn’t seen substantial demand lately.
The LAND plot cost drops each month, down to $2,852, due to faded total sales volume, raking $11.1 million only by April 2022, while May 2022 saw $4 million.
Also, the faded volume comes from the low sales, with April seeing 2,906 LAND plot sales. Such developments discouraged most unique LAND owners as they escaped the marketplace, losing 2.7K spot participants.
Nevertheless, their moves are logical since even investors in the spot market have suffered from bearish activity, executing losses for nearly four months now.
Besides the mentioned data, May 13 was a crucial day for SAND holders, with more than 83.71M SAND (worth $108.81 million) dipped into losses. Therefore, participants and investors will wait for some time for possible tide shifts and whether they can profit from The Sandbox.
Meanwhile, SAND noted overnight gains as the overall crypto-world saw substantial upticks within the past day. While writing these lines, the Metaverse token traded at $1.37, gaining 4.65% over the past 24 hours.
We have more updates coming your way. Stay around.
Editorial credit: Ira Lichi / shutterstock.com
Disclaimer: NFTs and Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Business Voices content) and the views expressed in these types of posts do not reflect the views of this website. Please read our full disclaimer here.
