Published on: 05/05/2022
Players sell The Sandbox Metaverse land at a loss, report shows
Several LAND parcels on The Sandbox metaverse are being listed at a loss, according to MetaMetric Solutions. The data provider further pointed out that now is an excellent time to add or bid on undervalued Sandbox parcels.
However, the big question is why people are willing to sell The Sandbox LAND parcels at a loss in the market?
Developed by a team of innovators and developers, the Sandbox Metaverse is a virtual world that provides users with an immersive, fully-realized digital environment in which they can discover, create, and collaborate with others worldwide.
The term “metaverse” refers to the advancement of human-computer interaction over a period of time. The gap between our real-life and online identities is closing as we spend more time online. The metaverse will eventually be an immersive virtual world where people can own digital assets and engage with peers.
The Sandbox Metaverse provides various tools and resources for players to customize their avatars and build structures. It includes everything from bustling cities to peaceful forests, providing a diverse range of environments for players to explore as they interact across various platforms.
The Sandbox, SAND
The Sandbox cryptocurrency, SAND, has been on a downward trend recently. SAND’s current value of $2.16 is still well below the coin’s all-time high of $8.40, despite a 16 percent rise in the previous 24 hours.
Since the token’s high point in late 2021, SAND volumes have declined. Regardless of whether or not they make a profit, many people still want to sell their property.
“The Sandbox LAND secondary sales volume dropped by 54% in Q1 2022 compared to the previous quarter.” Messari reports, “To put this into perspective, secondary sales volume in Q1 2022 is still up 865 percent compared to Q3 2021.”
Because the hype surrounding the metaverse has subsided following its all-time high during Facebook’s rebranding announcement, the number for Q1 has decreased. While demand was lower in the fourth quarter of 2021 than in the previous quarter, it was still very robust. As a result, the market is returning to its pre-crisis state of equilibrium.
Digital LAND is still in its early stages of development to create experiences. Thus, the owner can sell the LAND. Sharing LAND experiences with other Sandbox users will no longer be allowed for creators.
There are few P2E features in the present experiences, making participation less appealing. Property owners may be confused about what they may do with their investment if they do not understand how to monetize it, influencing their decision to sell it.
LANDs are used to host and play experiences that can be monetized by their owners. They can also hold competitions and events. The Sandbox’s Game Maker software allows a player to create these experiences.
Nevertheless, for high-profile investors, this is simply a temporary stumbling block. The Lo Family of Regal Hotels Group, a billionaire family from Hong Kong, recently acquired land in The Sandbox. This demonstrates that metaverse land parcels are a long-term investment for folks of this caliber.