The Sandbox, one of the largest platforms in the metaverse, has noted a significant surge in sales of its NFTs. In one year, the value of NFT rose 18% to $1.4 billion in total sales.
The Sandbox platform's market capitalization is now more than $167 million, which indicates the huge potential of digital environments in this industry. Moreover, 54% of users who own NFT are confident in their investments and continue to own them, a figure significantly higher than on other platforms such as Somnium Space and Otherside.
The fourth quarter of 2022 was the most unfavorable quarter for total sales since the beginning of 2021.Although there was good demand for land and other NFTs on The Sandbox platform, other areas were not as fortunate. Market capitalization has declined significantly over the past six months, and these numbers reflect more of a bearish trend in the market.
Unfortunately, the metaverse market declined in 2022: monthly trading volumes fell by 96% — from $49.2 million in January to $2 million in November. Land prices in the metaverse have also decreased by 90% since the beginning of 2022.