The Sandbox (SAND) leads the metaverse with over $86 million in revenue

Popular Metaverse cryptocurrencies witnessed millions of dollars in (virtual) land transactions in the last seven days, indicating that virtual real estate is thriving in Metaverse. According to recent research published by DappRadar, the sale of virtual non-fungible tokens (NFTs) is landing on the main crypto asset of the metaverse, The Playground (SAND).

The Metaverse has been a hot topic in recent months, especially since Mark Zuckerberg changed the name of his company Facebook Meta, clearly indicating his aspirations for the Metaverse. As a result, metaverse coins have risen in value as new investors find potential in the company. Sandbox (SAND) has directly benefited from this. SAND is up more than 5,000 percent from its June low. Not surprisingly, they have major partners like Snoop Dogg and Adidas who help provide core value to cryptocurrency.

Sandbox is one of the growing ecosystems within the Metaverse, totaling 166,464 tracts of land. Players who purchase these plots can create, manage, and monetize their virtual worlds. In theory, Sandbox creates a virtual economy where stakeholders such as creatives and gamers can showcase their content or games while collecting SAND token incentives to participate.

Although the initiative has been active since 2019, the first income season began on November 29. This has led to a huge increase in demand for lots in The Sandbox. According to September land sale rates, a parcel of land can fetch up to 1,011 SAND ($5,348 at current value). The number is likely to skyrocket with the launch of the ‘Play The Alpha’ program, which will run until December 20.

On December 9, 2021, SAND will be at 39th place with a price of $5.29.

Source: https://coinmarketcap.com/

Key learning points

  • MetaFlower’s NFT super megayacht is selling for $650,000 on The Sandbox. The three-story yacht is equipped with two helipads, a nightclub, hot tubs, and a DJ booth. It was created as part of The Sandbox’s luxurious NFT line.
  • Other digital assets include private islands, speed boats, and jet skis. The collection of 100 private islands was completely sold out in less than 24 hours. A block of real estate in The Sandbox sold for $4.3 million, while a virtual luxury boat went for $650,000. The world of digital assets is clearly exploding.
  • Last week, the four largest virtual worlds attracted a total of more than 6,000 traders. Sandbox leads the pack in terms of number of merchants and sales. With almost $86 million in trading activity, it also recorded the highest trading volume.
  • The Sandbox recently offered new NFTs, which are expected to be sold on December 10, 2021.

Source: https://dappradar.com/blog/over-100-million-in-metaverse-land-sales-last-week

How is SAND doing in the cryptocurrency market?

Ranking: #39

All-time high: $8.51

Market capitalization: $4,831,606,590

Total Supply: 3,000,000,000 SAND

Supply Circulation: 913.364.619 ARENA

Volume traded in 24 hours: $1,173,066,709

Up or Down (7d): – 16.12%

Up or down (24 hours): -0.89%

SAND technique

These are the technical characteristics of SAND.

SAND technical specifications

Source: https://www.interactivecrypto.com/Technical-Analysis/sand-usd

ARENA 2021 Price Analysis

Let’s take a look at the SAND chart on different time frames and see if we can say anything about the future price trend.

ARENA daily chart

SAND Price Chart

Looking at the daily chart, we can see the price correcting after reaching its all-time high. Since then, the market has been respecting the downtrend line. Price is holding above the psychologically important $5 support for now. We may see multiple tests of $5 support. If the market breaks above the downtrend line, we may see a strong rally towards $8. On the other hand, If the support line breaks down and closes below $4.8, the market could drop to $3.5, signaling that the next daily support zone is in place.

Source: https://www.interactivecrypto.com/Technical-Analysis/sand-usd

Market sentiment on the daily chart remains strongly bullish.

4 Hours SAND Chart

ARENA 4-hour chart

If we look at the 4 hour chart, we see that the market is making a triangle pattern. The price approached the psychological support at $5 and has since seen higher lows. The ARENA price has also followed the support of the triangle. If the price breaks above the downtrend line of the triangle, we could see a massive bullish push on the retest, followed by a strong rally. On the downside, a breakout and close below $4.48 could result in a drop towards $4.0.

Source: https://www.interactivecrypto.com/Technical-Analysis/sand-usd

Market sentiment on the 4 hour chart remains strongly bullish.

Conclution

As the world’s rich and famous begin to take notice of DeFi’s capabilities and prospects, there has been a massive land grab for the largest digital assets in some of the most prominent metaverse initiatives. Buyers are taking coveted NFT assets off the market every week at higher and higher prices. This is a continuation of a trend that can be seen across all platforms in the metaverse. Buyers establish their place in the virtual world while sellers make huge profits. More and more people seem to eschew the real world in favor of virtual happiness. Why spend time in a reality where Covid is the center of attention when you can hang out with other artists in a virus-free world?

The Sandbox community has now surpassed 15,000 users, plus another 750,000 followers from various social networks. Popular celebrities like Snoop Dogg are among those who have collaborated with The Sandbox. The rapper plans to display a duplicate of his mansion at The Sandbox, where he will showcase his NFT collections and host metaverse parties.

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