The sandbox [SAND] Abandoned by users? How NFTs and Prices Ended Q1
- SandBox saw user activity drop over the past 30 days.
- SAND traded within a tight range during the same period.
Leading metaverse-based project The SandBox [SAND] ended 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, SandBox witnessed a 9% drop in the number of unique active wallets interacting with its smart contracts or executing a transaction with any of its smart contracts last month. The protocol registered only 7,500 unique active wallets.
Interestingly, while the protocol recorded an almost double-digit decrease in the number of unique active wallets last month, SandBox recorded a 10.29% increase in the number of transactions. Per data from DappRadar, the number of transactions made between unique active wallets and dApp’s smart contract totaled 5,360 in the last 30 days.
Although the number of transactions rose, the fiat value of the transactions completed on the metaverse-based protocol dropped sharply by 80%. In the last month, the value of all transactions completed by active wallet addresses on The SandBox was $4.11 million.
Source: DappRadar
NFTs also took a hit
The sandbox ecosystem includes a number 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 number of users on the protocol in the last 30 days led to a corresponding decrease in the values of these NFT collections.
SandBox’s LAND Collection, currently valued at 0.665 ETH per NFT, saw its value drop 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%.
Source: NFTGo
Realistic or not, here is SAND’s market value in BTC’s terms
The project’s ASSETS Collection was not spared the price drop either. Per data from the NFT analysis platform NFTGo, the collection witnessed a 33% drop in the floor price. With one ASSET NFT available at an average price of 0.0002 ETH in the last month, the collection’s average price fell by 22% during that period.
Source: NFTGo
SAND was no better
In the past month, SAND traded as low as $0.52, per data from CoinMarketCap. Changing hands at $0.6304, the value of the metaverse token fluctuated between the $0.69 and $0.63 price ranges over the past 30 days.
Source: CoinMarketCap
