A plot of land just sold for over $30,000 in the Sandbox, this is over 3x the current floor price. The plot of land purchased was a regular plot, so it is curious why there was such a high sale price.
About this Sale and The Sandbox LAND
This sale particularly stands out as it was a regular piece of land. However, looking into further detail, it may make more sense. The purchaser, who’s OpenSea you can see here, has several plots of land around it which they have previously purchased.
It wasn’t listed for sale, so the unnamed purchaser wanted to ensure that they got the land by putting in a large offer, which is a win for the seller. It may also be good for the buyer, as they own 9 plots of land nearby, which could mean they open up a large business, or build a large house on The Sandbox in the future.
In general, LAND sales in The Sandbox have increased drastically over time. Even since October, the price has risen from an average of $1,200 per plot to now over $14,000 per plot. This growth also matches with the growth of their token, $SAND which went from $0.75 to over $4.5o in the same time period.
About The Sandbox
The Sandbox is a metaverse game and platform which consists of 166,464 plots of land which are available to purchase for a minimum of 3.2 ETH, which is $9900 at the time of writing.
The Sandbox, alongside Decentraland, have become the two biggest metaverse platforms so far, with Meta/Facebook’s metaverse potentially coming soon. Some huge brands and celebrities have worked or supported The Sandbox to varying levels. These include Adidas, The Smurfs, Snoop Dogg and The Walking Dead.
The Sandbox has grown a huge audience since the recent growth in NFTs which has been particularly big since Q1 of 2021. They have 730,000 followers on Twitter, making them one of the biggest NFT brands by followers on the platform. Also, they have over 250,000 members on their Discord.
The game has a governance token called $LAND, which is what all the game’s NFTs are paid with using. The current price of the coin is $4.75. It has previously reached an all-time high of $8.44 in late November of 2021.