Most of the DeFi tokens in the crypto space earn their value from the function and success of the protocol they stem from. Naturally, any change in the protocol’s ecosystem is bound to have a ripple effect on the token as well. However, that does not seem to be the case with The Sandbox.
Out of The Sandbox
While the Metaverse is the next step in digital communication and representation, it is safe to say that it needs a little more time to be a perfect iteration.
This is why its mainstream adoption isn’t spreading like wildfire at the moment. Individuals and companies, including brands, are still trying to make sense of how to use it best to their advantage.
Quite recently, virtual events have become an effective method of promotion for brands and RLTY is making that easier for companies to do that.
Announcing the entry into The Sandbox today, RLTY will be opening the doors for brands, artists, and businesses to launch virtual events in The Sandbox easily.
Occupying a 6X6 LAND, RLTY will utilize that space to host self-produced events in partnership with major festivals, fashion shows, and more.
However, whether or not this will reinvigorate interest is a different question since The Sandbox hasn’t particularly been noticing a lot of demand recently.
Down to $2,851, the cost of a plot of LAND is declining every month, which has caused the total sales volume to be reduced to chump, raking in just $11.1 million as of April 2022 and just $4 million as of May 2022.
The lack of volume is also the consequence of low sales, with the month of April witnessing the sale of 2,906 plots of LAND.
Discouraged by this, a lot of unique LAND owners pulled out of the market, vacating the spot for 2.7k new investors.
But their actions are justified since even in the spot market, investors have been suffering at the hands of bears, conducting transactions in losses for almost four months now.
In addition to the aforementioned data, 13 May turned out to be the most uneventful day for SAND holders as over 83.71 million SAND worth $108.81 million fell into losses.
Thus, investors and participants are both going to wait a while to see if the tide changes and if they are able to make profits with The Sandbox.