The Sandbox (SAND) Hits New Lows; Sales Volume Declines by More Than $70M

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The Sandbox (SAND) Hits New Lows; Sales Volume Declines by More Than M
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The sandbox saw a sharp drop in sales in June amid a lack of investor interest in non-fungible tokens (NFTs).

Sandbox is the 15th most successful NFT project of all time, with total sales of approximately $371.26 million.According to[In]Digital collectibles Crypto Research had sales of $76,571.33 in June.

Source: CryptoSlam June 2022 Sandbox Chart

June sales were the lowest among the top 15 best-selling NFTs in the industry, which are Sorare, Meebits, Doodles, VeeFriends, Moonbirds, CloneX, Azuki, Otherdeed, NBA Top Shot, Art Blocks, Mutant Ape Yacht Club (MAYC) , Bored Ape Yacht Club (BAYC), CryptoPunks and Axie Infinity. Having said that, sales for the sixth month of the year were down 34% from May. In May, The Sandbox had $116,241.92 in sales.

Source: CryptoSlam May 2022 Sandbox Chart

New to sandboxing?

Originally created as a casual game for smartphones, The Sandbox has two games of the same name in 2011 and 2016’s The Sandbox Evolution. The two games have about 40 million downloads on Google Play and the Apple Store.

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After witnessing the birth of blockchain-based games, the developer/publisher “Pixowl” decided in 2018 to move the game and its followers into the Ethereum ecosystem.

Some of the best games on The Sandbox include but are not limited to Astroneer, Garry’s Mod, The Sims 4, Core Keeper, Dyson Sphere Program, Minecraft, Terraria, Grand Theft Auto Online, Elite Dangerous, No Man’s Sky, Cities: Skylines, Crusader’s King 3, Factorio, Scrap Mechanic, Going Medieval, RimWorld, Rust, Valheim, Mount and Blade 2: Bannerlord and Red Dead Redemption 2.

Why are sales falling?

When you assess the decline in the number of unique buyers since June 2022, it is clear that the slump in sales has led to a drop in total transactions, with 367 unique buyers and 700 transactions.

Compared to January 2022, when digital collectible sales peaked this year, there were 3,841 independent buyers, corresponding to 6,722 transactions.

As of the end of the first month of the year, Sandbox sales were approximately $77.92 million.

Source: CryptoSlam Sandbox Chart January 2022

The Sandbox fell to its lowest point since April 2021, with sales of about $2.53, a plunge of $77.84 million from its annual high in January.

The average selling price also fell to $109.39 from $11,591.46 in January. That’s a 99% plunge in five months.

SAND price reaction

SAND opened on June 1, trading at $1.45, hitting a monthly high of $1.46, testing a monthly low of $0.7379, and closing the month at $1.12. Overall, this equates to a 22% decline in SAND’s opening and closing prices in June.

Source: CryptoSlam’s SAND/USD chart

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