Is the ‘SAND’ castle a little too weak for the strong crypto waves
The state of the crypto market has been conflicted in its approach toward recovery or consolidation, which is why even after three weeks since the devastating crash, the total value of the crypto market continues to fluctuate around $1.25 trillion.
One of the bearers of this bearishness is The Sandbox, whose Metaverse is failing to lift the network out of its misery.
SAND stuck in The Sandbox
The month of May, for the second time in a row, has proved to be the worst month for crypto as two of the biggest crashes ever witnessed occurred in this month itself.
Known for its Metaverse, The Sandbox observed a steep decline in the investors’ interest. With the end of May around the corner, the overall sales of LAND plots fell drastically.
Recording the sale of a mere 1,090 units, the month of May witnessed the lowest figures since May 2020’s 797 units.
However, the saving grace for the total volume generated through these sales was the average price of each plot.
Closing at $2,957, the average price of LAND plots this month was the lowest considering the last seven months. However, it ended up registering a total of $5.7 million in sales which is the first single-digit monthly sale throughout 2022.
But the dwindling interest isn’t simply a speculation based on the net sales as in the past, despite poor performances, investors were still willing to be a part of the Metaverse, and thus, the LAND plots were transferred among investors.
However, May also noted the lowest numbers in terms of Sandbox LAND Transfers since October 2021. At the time of writing, the number of transfers stood at 9,641.
Considering the current movement in the market, it can be very well speculated that the Sandbox still has some tricks up its sleeves and hopefully effective ones for the sake of the Metaverse.
In an announcement, it was revealed that in the near future Elvis Presley avatars would be arriving in the Metaverse, which will be another massive addition to the existing celebrity avatars, such as those of Snoop Dogg.
Since the entire existence of the Metaverse is based on demand and supply, and popularity, this might be an excellent bait to bring investors back on board and/or attract new ones to pull SAND out of the bearish quicksand.