The Sandbox saw a huge decline in sales in June due to a lack of investor appetite for non-fungible tokens (NFTs).
The Sandbox is the 15th most successful NFT project by all-time sales, with a total volume of around $371.26 million. According to Be[In]Crypto Research, the digital collectible had a sales volume of $76,571.33 in June.
June’s sale was the lowest among the top 15 highest-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. With that said, sales from the sixth month of the year were a 34% decline from May. In May, The Sandbox sales were $116,241.92.
New to The Sandbox?
Initially created as casual games for smartphones, The Sandbox had two hits with its namesake in 2011 and The Sandbox Evolution in 2016. The two games generated around 40 million downloads on the Google Play and Apple Store.
Having witnessed the inception of blockchain-based games, developer/publisher “Pixowl” decided to move the game and its followers to the ecosystem of Ethereum in 2018.
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 Kings 3, Factorio, Scrap Mechanic, Going Medieval, RimWorld, Rust, Valheim, Mount and Blade 2: Bannerlord, and Red Dead Redemption 2.
Why the drop in sales?
When you assess the dip in the number of unique buyers from June 2022, it is clear that the plunge in sales volume led to the fall in total transactions, with 367 unique buyers, and 700 transactions.
In comparison to Jan. 2022 when the digital collectibles reached a peak in sales this year, unique buyers stood at 3,841 and corresponded to 6,722 transactions.
The Sandbox sales were around $77.92 million by the end of the first month of the year.
While the project saw a dramatic increase in sales since it’s 2021 yearly low of $2.53 in sales volume recorded for April 2021, sales volume in June had declined to $77.84 million from its January 2022 high
The average sale value also tumbled from $11,591.46 in January to $109.39. This was a 99% plunge in five months.
SAND price reaction
SAND opened on June 1, with a trading price of $1.45, reached a monthly high of $1.46, tested a monthly low of $0.7379, and closed the month at $1.12. Overall, this equates to a 22% decrease in the opening and closing price of SAND in June.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.