The Sandbox [SAND] deserted by users? How NFTs and prices closed Q1
- The SandBox saw its user activity fall in the last 30 days.
- SAND traded within a tight range during the same period.
Leading metaverse-based project The SandBox [SAND] closed Q1 2023 with a decline in user activity, data from DappRadar revealed.
Read The Sandbox’s [SAND] Price Prediction 2023-2024
According to the decentralized applications (dApps) data provider, The SandBox witnessed a 9% decrease in the number of unique active wallets that interacted with its smart contracts or performed a transaction with any of its smart contracts last month. The protocol recorded only 7,500 unique active wallets.
Interestingly, while the protocol almost logged a double-digit decline in the count of unique active wallets last month, The SandBox registered a 10.29% uptick in transaction count. Per data from DappRadar, the number of transactions made between unique active wallets and the dApp’s smart contract totaled 5,360 in the last 30 days.
Although transaction count rallied, the fiat value of the transactions completed on the metaverse-based protocol fell severely by 80%. In the last month, the value of all transactions completed by active wallet addresses on The SandBox was $4.11 million.
NFTs took a hit as well
The Sandbox ecosystem includes a variety of Non-fungible Tokens [NFTs], such as LAND tokens representing virtual land, ASSET tokens representing in-game items, and WEARABLE tokens representing avatar clothing and accessories. Unfortunately, the decrease in the user count on the protocol over the past 30 days led to a corresponding decrease in the values of these NFT collections.
Currently valued at 0.665 ETH per NFT, SandBox’s LAND Collection saw its value decline by 17% in 30 days. With only 498 sales completed during that period, the average price per LAND NFT was 0.7946 ETH, falling 11%.
Realistic or not, here’s SAND’s market cap in BTC’s terms
The project’s ASSETS Collection was not spared from the price decline either. Per data from NFT analytics platform NFTGo, the collection witnessed a 33% drop in its floor price. With an ASSET NFT obtainable at an average price of 0.0002 ETH in the last month, the collection’s average price dropped by 22% during that period.
SAND was no better
During the last month, SAND traded for as low as $0.52, per data from CoinMarketCap. Exchanging hands at $0.6304, the value of the metaverse token oscillated between the $0.69 and $0.63 price ranges in the last 30 days.