Virtual game world Sandbox (SAND) has announced a new land sale that will kick off on Thursday, November 24. According to the announcement, the Sandbox land sale will involve more than 1,900 lots that will be sold in three waves.
The company listed 14 brands and celebrities, including Faze Clan, Playboy, Tony Hawk and The Marathon. To participate in the land sale, land buyers will need to have at least 1,011 SAND tokens in their wallet.
SAND token reacts to sandbox land sale announcement
Following the announcement, the SAND token has risen about 6% in the past 24 hours to trade around $0.569. With a market capitalization of approximately $883,606,322, the SAND token has seen approximately $125 million in daily trading volume over the past 24 hours.
With virtual land, Sandbox players can earn commissions directly into their NFT wallets or SAND addresses. In addition, the GameFi project aims to simulate similar conditions in the real estate industry.
As an NFT-oriented project, the Sandbox (SAND) will auction 35 ESTATEs via the OpenSea marketplace. The company intends to fairly distribute Sandbox land to players around the world each day. In addition, land units are limited in the Sandbox ecosystem.
Welcome to your new neighborhood…📍 The Sandbox LAND Sale
🔸 1,900+ LANDs
🌊 3 waves
🤝 14+ partners, brands, celebrities and studios – including @SnoopDogg @ParisHilton @tonyhawk & @Playboy!
Be part of the #metaverse – from November 24https://t.co/PwySivdWEy pic.twitter.com/gRthJx3q8E
– The Sandbox (@TheSandboxGame) November 22, 2022
The Sandbox ecosystem has incorporated popular brands for marketing purposes and to give its land more intrinsic value. Snoop Dogg, among other selected celebrities, is expected to hype upcoming Sandbox land sales.
“By including several brands that share a similar theme, such as the California Dreamin’ […]users now have the ability to be neighbors to multiple partners that share a similar theme, such as choosing the neighborhood you want to live in for a city“, said Sebastien Borget, co-founder and COO of The Sandbox.
The Sandbox and the market outlook
The Sandbox virtual game – an ecosystem built by Ethererum – has attracted NFT and gaming enthusiasts looking to monetize their digital skills. By providing a monetization mechanism for a virtual gaming platform, Sandbox has become a world-class technology company backed by key investors.
Nevertheless, the Sandbox ecosystem has not been spared from the current bear market, fueled by the collapse of the Terra Luna and FTX exchanges. According to market data provided by Coingecko, the SAND token has lost more than 88% of its value in the last year. In addition, the SAND token has lost more than 93 percent of its value since it hit the ceiling price of $8.4 12 months ago.
Competition from other metaverse gaming platforms like Axie infinity has significantly stunted Sandbox’s growth. In addition, the gray area in which the crypto-currency market operates is regulated by more countries. Furthermore, the NFT market has been accused of participating in wash trading to inflate the underlying value.