Popular cryptocurrencies witnessed millions of dollars in land transactions over the course of seven days, indicating that virtual real estate is thriving in the Metaverse. According to recent research issued by DappRadar[1], sales of virtual non-fungible tokens (NFT) land on top metaverse crypto assets, The Playground (SAND).
The Metaverse has been a popular issue in recent months, particularly since Mark Zuckerberg openly promoted it as part of his new enterprise. As a result, metaverse coins have risen in value as new investors find potential in the business. The Sandbox (SAND) has benefited directly from this. SAND has risen more than 5,000 percent from its low in June (from top to bottom). It is no surprise that they have major partners, such as Snoop Dogg and Adidas, who assist in providing basic value to the coin.
The Sandbox is one of the Metaverse's expanding ecosystems, with a total of 166,464 land pieces. Players who buy these land parcels may create, control, and monetize their virtual worlds. The Sandbox, in theory, creates a virtual economy in which stakeholders, such as creatives and gamers, may exhibit their content or games while collecting SAND token incentives for participation.
While the initiative has been in operation since 2019, the first play-to-earn season began on November 29. This achievement has resulted in a huge increase in the demand for land parcels on The Sandbox. According to September land sale rates, a plot of land might get as much as 1011 SAND ($7,153 at current values). The amount is likely to skyrocket with the launch of the 'Play The Alpha' programme, which will run through December 20.
As of December 9, 2021, SAND stays at no.39 with a price of $5.29.
Source: https://coinmarketcap.com/
Key Takeaways
- MetaFlower super mega yacht NFT sells for $650,000 in The Sandbox. The three-story yacht is outfitted with two helipads, a disco, hot tubs, and a DJ booth. It was created as part of The Sandbox's upscale NFT line.
- Other digital assets include private islands, speed boats, and jet skis. The collection of 100 private islands was completely sold out in less than 24 hours. A block of property in The Sandbox[2] sold for $4.3 million, while a virtual luxury boat went for $650,000. The world of digital assets is clearly exploding.
- In the previous week, the four largest virtual worlds attracted a total of over 6000 merchants. The Sandbox leads the pack in terms of both the number of traders and sales. With almost $86 million in trading activity, it also recorded the biggest trading volume.
- The Sandbox offered new NFTs[3], expected sale on December 10, 2021.
Source: https://dappradar.com/blog/over-100-million-in-metaverse-land-sales-last-week
How is SAND doing in the Crypto Market
Rank: #39
All Time High: $8.51
Market Cap: $4,831,606,590
Total Supply: 3,000,000,000 SAND
Circulation Supply: 913,364,619 SAND
Volume Traded 24h: $1,173,066,709
Up or Down (7d): - 16.12%
Up or Down (24h): -0.89%
Source: https://coinmarketcap.com/
Technicals of SAND
Here are the technical indicators of SAND.
Source: https://www.interactivecrypto.com/Technical-Analysis/sand-usd
SAND Price Analysis 2021
Let's look at the ETH chart in different timeframes and see if we can predict its next move.
Daily Chart Breakdown of SAND
Looking at the daily chart, we can see the price in correction after making its all-time high. Since then, the market has been respecting the downward trendline. Now the price stays at psychological support of $5. We can observe multiple tests of the $5 support. If the market breaks above the trendline, we might see a sharp rally towards $8. On the other hand, with a break and close below $4.8, the market might tank towards $3.5, which is the next daily supply zone.
Source: https://www.interactivecrypto.com/Technical-Analysis/sand-usd
Market sentiment on the daily chart remains strongly bullish.
4h Chart Breakdown of SAND
Looking at the 4h chart, we can see the market making a triangle pattern. The price came near the psychological support of $5 and has been making higher lows since then. Also, the price has been following the support of the triangle. If the price breaks above the downward trendline of the triangle, we could see a huge bullish momentum on the retest, followed by a sharp rally. On the other hand, a break and close below $4.48 might result in a slump towards $4.0.
Source: https://www.interactivecrypto.com/Technical-Analysis/sand-usd
Market sentiment on the 4h chart remains strongly bullish.
Conclusion
As the world's rich and famous begin to take note of DeFi prospects, there has been a tremendous land grab for the greatest digital assets in some of the most prominent metaverse initiatives. Buyers are picking up sought-after assets on a weekly basis. This is a continuation of a tendency that can be found on all metaverse platforms. Buyers are establishing their place in the virtual world while sellers are cashing in. People are increasingly avoiding the actual world in favour of virtual joy. Why spend time in a reality where Covid is the centre of attention when you can hang out with other artists in a virus-free haven?
Notably, The Sandbox community has surpassed 15,000 users, with an additional 750,000 supporters from different social media networks. Popular celebrities such as Snoop Dogg are among those who have collaborated with The Sandbox. The rapper plans to present a duplicate of his mansion on The Sandbox, where he will showcase his NFT collections and hold metaverse parties.
[1] https://dappradar.com/blog/over-100-million-in-metaverse-land-sales-last-week
[2] https://cryptoslate.com/metaflower-super-mega-yacht-nft-sells-for-650k-in-the-sandbox/
[3] https://twitter.com/TheSandboxGame/status/1468632146554277890