Sandbox takes over the metaverse as demand for virtual real estate explodes
- Data from Nonfungible.com suggests that users have spent over $100 million for digital real estate on Sandbox.
- The Sandbox is the single largest metaverse collection in terms of the sale of assets over the past week.
- The Sandbox has unveiled its Alpha NFT collection "Gears and Ducks," two more will be dropped on December 13 and 20.
- Analysts predict that Sandbox's price could recover from the crash, rallying towards its all-time high.
Sandbox, a metaverse token, has gained popularity as one of the top-performing cryptocurrencies of 2021, offering 12,500% gains since the beginning of 2021. The cryptocurrency has recovered from the flash crash over the weekend.
Sandbox dominates the metaverse, offering high gains to holders
As metaverse gains popularity, investors spent over $100 million to acquire virtual real estate on the Sandbox platform. US rap legend Snoop Dogg recently sold his digital estate on Sandbox, attracting users to the platform.
Getcha SNOOPVERSE pass n join my hood in tha @TheSandboxGame . We breakin Metaverse barriers !! Even a snoop avatar whitelist!!
— Snoop Dogg (@SnoopDogg) December 2, 2021
Hop in… nowhttps://t.co/ckEOApHVTy pic.twitter.com/hFXIDt90Vn
Sales of the top 5 NFT metaverse collections were for virtual land in the Sandbox metaverse.
The platform has become the single largest metaverse collection based on data from Nonfungible.com. The platform unveiled an NFT collection associated with its Alpha event, "Gears and Ducks," on December 6.
Two more collections, "Creator Fund Collection" and "Factions," are scheduled for launch on December 13 and December 20, respectively.
⚙️ Gears Collection - Crafted to endure the dangers of the #Metaverse, these gears will be your best ally in the wild!
— The Sandbox (@TheSandboxGame) December 6, 2021
https://t.co/X71dnazPCe pic.twitter.com/9UPYeg5zzt
Trades on Sandbox's collections totalled $70.5 million for over 4,433 assets, making it the single metaverse collection to rake in the highest dollar amount.
Analysts are bullish on Sandbox price. @TraderScarpa, a cryptocurrency analyst, has evaluated the Sandbox price trend and predicted a bullish scenario. The analyst considers $4.5 as strong support.
The first test of the $4.5 level was bought up fast, which is considered a good sign. @TraderScarpa expects the price to consolidate between $4.5 and $7.7 before moving higher.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
