Approximately the past few weeks, The Sandbox has sold virtual land on its Metaverse map for over $1.66 million.
Given that the crypto market is going through a winter, that’s not a bad accomplishment. The business has just finished selling its Land, where game creators can purchase parcels of virtual territory in its metaverse where they may create attractions and other games.
This shows that customers believe in the idea of beachfront virtual property or the idea that LAND is worth more if it is something nice. These LAND plots coexist with marketed experiences. Non-fungible tokens (NFTs), which are capable of uniquely identifying digital ownership, are used to openly represent land in the sandbox on a public blockchain.
Like in the real world, the sandbox operates on the premise that developers can locate close to high-value developments by selling valuable real estate. In this scenario, only developers (or players) use actual money to purchase the sandbox currency $SAND. Once they have NFTs proving their ownership, they proceed to develop the land in an effort to increase its value.
This type of land sale has increased $SAND’s market value to $641 million. That is less than it was before the crypto bubble, and yet it’s so valuable that detractors say it’s an absurd price for a company that, like its competitor Decenterland, has few customers and is referred to as “hollow.” known as the “Metaverse.” DappRadar reports that there are approximately 530 daily active wallets in the sandbox, indicating that there have not yet been many transactions.
However, Sandbox Land has been successfully marketed. The Sandbox began selling 1,900 virtual parcels on November 22 and has now concluded sales on two parcels of virtual property. To preserve user investments, Sandbox offers parcels at a predetermined price and artificially restricts the amount of parcels. In addition, it has completed and sold two other LAND collections.
This type of property transaction contributed to the expansion of the sandbox, which is owned by Animoca Brands and employs over 400 individuals. It plans to hire 50 to 60 more people. This is occurring in a context where FTX has declared bankruptcy and its creator Sam Bankman-Fried is the subject of a criminal investigation, which, according to some, has shifted government guilt onto the whole cryptocurrency business.
In an interview with GamesBeat, CEO Arthur Madrid said, “We’re still very excited about what feels like the Metaverse and being able to make the sandbox a web3 platform.” “I think people think of the sandbox as a safe place to create and receive NFTs.”
While The Sandbox World is still in its early phase, the company has already made millions of dollars through the selling of virtual territories. Brands such as Snoop Dogg and FaZe Clan have purchased virtual land. The landowner, Paris Hilton, and companies such as Playboy and The Walking Dead have a plot.
The Council of Fashion Designers of America just just inaugurated an exhibit in The Sandbox commemorating 60 years of fashion in the United States. The exhibition was curated by fashion historian and assistant curator of design at the Cleveland Museum of Art, Darnell-Amal Lisby. It was titled Fashioning the Shades of American Design. Anna Sui, Zac Posen, Norma Kamali, Off-White, and Willie Smith are among the designers whose works are featured in this exhibition.
These brands are becoming The Sandbox’s key attractions. They hope to persuade individuals to purchase land near such companies, based on the premise that virtual real estate is valuable. The owners of virtual land may construct on it, use it, sell it, or rent it.
Recently, Blockchain Research Lab researched the land market. It sought to determine whether prominent LAND properties increased the value of neighboring virtual geographic pieces. The site of the Bored Ape Yacht Club in The Sandbox was evaluated to determine its value. The study, which examined all land sales prior to November 9, revealed that land prices have stabilized. LAND’s price rose during the height of the Metaverse craze after Facebook changed its name to Meta in October 2021.
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