Virtual land sold at twice the floor price in The Sandbox

March 29, 2022 03:08 PM AEDT | By Priyabrata Prusty
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  • On Monday, a virtual land was sold for US$15,113, 2.02 times its floor price, which was 2.228 Ether, in The Sandbox.
  • The Sandbox metaverse consists of 166,464 plots with each plot being 2,500 square feet in size.
  • Banking behemoth HSBC earlier this month agreed to buy a plot of virtual land in The Sandbox, according to a Reuters report.

When Facebook rebranded itself to meta last year, firing up awareness among investors about the metaverse, virtual land prices in the Sandbox and Decentraland began to skyrocket. Continuing that trend, a virtual land in The Sandbox on Monday (March 28) was sold for US$15,113, 2.02 times its floor price of 2.228 Ether, according to data available on OpenSea, an American online marketplace for non-fungible tokens (NFTs).

The estate in The Sandbox metaverse consists of 166,464 plots with each plot being 2,500 square feet in size. It can be seen from the past transactions that mostly, virtual land deals happen at a premium due to the size of the plot and its location in the metaverse.

Worth mentioning here is that The Sandbox and Decentraland are the two largest open world metaverses built on the Ethereum blockchain. In the recent past, these two metaverses have attracted world's leading brands such as Adidas and Atari to buy virtual lands. Some companies believe eventually a larger part of the retail will shift to the metaverse.

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According to a Reuters report, banking behemoth HSBC agreed to buy a plot of virtual land in The Sandbox earlier this month. For the uninitiated, JPMorgan Chase last month became the world's first bank to make an entry into the metaverse space by creating a lounge in Decentraland.

What is The Sandbox?

Sandbox is a blockchain-based monetised virtual world consisting of games and plots of lands. Users can create, build, buy and sell digital assets in the form of a game on this platform. In its whitepaper, The Sandbox has claimed that it aims to bring blockchain technology into mainstream gaming.

A property in The Sandbox is mainly bought with Ethereum and its native token SAND. At the time of drafting, SAND was trading at US$3.56, up 0.70%. It has a market capitalisation of over US$4 billion and its CoinMarketCap rank is 41. SAND token has a circulating supply of 1.15 billion coins and a maximum supply of 3 billion coins.

The token had touched an all-time high of US$8.44 in November last year as most of the metaverse tokens rallied after Facebook rebranded itself as meta. If you want to buy/sell SAND, then the most prominent crypto exchanges for this are Binance, OKX, CoinTiger, Bybit, and FTX.

Also Read: Over 500% rise in 10 days: Green Metaverse Token's (GMT) wild run decoded

SAND is mostly used to monetise in-game assets like decorations and land. It can also be staked to earn interest as well. SAND can also be used as a governance token as it allows its holders to participate in decision-making process of the The Sandbox platform.

3D editors are provided in The Sandbox platform and users can create and animate games using these editors and can sell them on the marketplace for SAND tokens. Landowners on The Sandbox can even rent their land to other players or organise events and charge an admission fee. The platform also allows to join lands to create an estate or a district to attract more players. A land on The Sandbox can be purchased directly from the company or through platforms like OpenSea.

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