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As an NFT-oriented project, the Sandbox (SAND) will auction 35 Estates via the OpenSea marketplace.
The Sandbox (SAND) virtual gaming world has announced a new land sale scheduled to kickstart Thursday, November 24th, at 1 PM UTC. According to the announcement, the slated Sandbox land sale will involve over 1,900 pieces of land to be sold in three waves. Additionally, the company noted 14 brands and celebrities, including Faze Clan, Playboy, Tony Hawk and The Marathon. To participate in the land sale, land buyers will require at least 1,011 SAND tokens in their wallets.
SAND Token Reacts to the News about The Sandbox Land Sale
The announcement has seen the SAND token spike approximately 6 percent in the past 24 hours to trade around $0.569. With a market capitalization of approximately $883,606,322, the SAND token recorded a daily traded volume of around $125 million in the past 24 hours.
With the virtual lands, the Sandbox players can earn commissions directly into their NFT wallets or SAND addresses. Moreover, the GameFi project intends to simulate similar conditions in the real estate business.
As an NFT-oriented project, the Sandbox (SAND) will auction 35 ESTATEs via the OpenSea marketplace. The company intends to distribute the Sandbox lands fairly to global players daily. Furthermore, the land units are finite in the Sandbox ecosystem.
Welcome to your new neighborhood…📍 The Sandbox LAND Sale
— The Sandbox (@TheSandboxGame) November 22, 2022
The Sandbox ecosystem has included popular brands for marketing purposes and to give its lands more intrinsic value. Snoop Dogg, among other selected celebrities, are expected to hype the upcoming Sandbox land sales.
“By including multiple brands that share a similar theme, like the California brands of California Dreamin’ […], users now have the chance to be neighbors of multiple partners that share a similar theme, like choosing the district you want to live in for a city,” co-founder and COO of The Sandbox Sebastien Borget said.
The Sandbox and the Market Outlook
The Sandbox virtual game – an Ethererum-built ecosystem – has attracted NFT and gaming enthusiasts seeking to monetize their digital skills. By providing a mechanism to monetize a virtual gaming platform, Sandbox has grown into a world-class tech company backed by key investors.
Nonetheless, the Sandbox ecosystem has not been spared by the ongoing bear market, fueled by Terra Luna and FTX exchange collapse. According to market data provided by Coingecko, the SAND token has lost over 88 percent of its value in the past year. Additionally, the SAND token has declined over 93 percent since hitting ATH of $8.4 12 months ago.
Competition from other key metaverse gaming platforms like Axie infinity has significantly hampered Sandbox’s growth. Additionally, the grey area in which the cryptocurrency market operates is being regulated by more countries. Furthermore, the NFT market has been accused of participating in wash trading to hype the underlying value.