Sandbox Land’s plan for 2023 looks promising, but here’s a caveat
- To date, over 115,850 LANDs have been minted by more than 23,500 LAND owners.
- However, SAND’s volume and whale transaction count declined, and metrics looked bearish.
The Sandbox [SAND] recently published a blog highlighting its achievements pertaining to LAND Owner in Q1 2023 and what its plans are for the remaining quarters of 2023.
📢 Calling all LAND owners 📢
The LAND Roadmap Q1 update is here! Check out our new Medium article for full details 🎉https://t.co/xiHsgtfMyj
TLDR: 👇🧵 pic.twitter.com/CqU9wFYDuz
— The Sandbox (@TheSandboxGame) April 9, 2023
Realistic or not, here’s SAND market cap in BTC’s terms
LAND’s achievements and plan ahead
In the blog published on 8 April, The Sandbox mentioned that, to date, over 115,850 LANDs have been minted by more than 23,500 LAND owners.
LAND Owners were also given access to personalize their LAND, including the 1×1 ones, with their own logo. As per the blog, over 6,000 LANDs have been updated so far.
Speaking of the plans ahead for the remaining quarters of this year, The Sandbox mentioned that the first selection of allow-listed LAND owners will be able to publish their experiences on their LAND during Q2.
In addition to that, by the end of Q3, all creators will have access to LAND Owners’ ability to launch their experiences directly to anyone on the map.
Issues faced with SAND rewards
While The Sandbox elaborated on its plans, Sebastien, the co-founder and COO of The Sandbox, tweeted about players who did not receive their SAND rewards.
As per the tweet, they ran an analysis of player accounts that reported not receiving their rewards and found that 796 accounts were mislabeled due to interaction on OpenSea. The rewards will be distributed in the coming week.
– 796 accounts were mislabelled due to an interaction on OpenSea
– They're now unblocked
– Official email coming on Monday
– Rewards distribution next week
— Sebastien 🏞 (@borgetsebastien) April 9, 2023
SAND will increase process transparency going forward without disclosing the particular rules used to identify fraudulent activities.
Investors’ interest in SAND dwindling?
SAND’s performance has been promising of late, as its price increased by over 4% in the last seven days. At the time of writing, it was trading at $0.633 with a market capitalization of over $949 million. However, despite the price uptick, investors’ interest in trading SAND seemed to have declined.
As per Santiment’s chart, SAND’s volume fell sharply over the last few days. Whales’ transaction count also tumbled, suggesting less interest from the big players in the token.
Additionally, SAND’s supply on and outside of exchanges flattened last week, further indicating fewer investors’ interest in SAND. Positive sentiments around SAND went down sharply, which was a negative signal, indeed.
How much are 1,10,100 SANDs worth today?
What should be expected in near-term?
CryptoQuant’s data revealed that there were more reasons for concern. SAND’s exchange reserve was increasing, suggesting increased selling pressure.
The same was true for the token’s net deposits on exchanges, which were high compared to the 7-day average. Another bearish development was a slight decline in SAND’s MVRV Ratio.
Nonetheless, LunarCrush’s data revealed that bullish sentiments around SAND increased by more than 90% last week. SAND’s Altrank also registered an improvement, which is considered a typical bull signal.