While most web3 games and projects show a downtrend from 2023, newly released data suggests that The Sandbox had a come back in terms of its SAND market cap and NFT trading, to end the year on a better note.
Crunching data from the State of The Sandbox Q4 2023 report by web3 analytics company Messari shows this is particularly the case when looking at non-LAND NFT sales in Q4 2023, which increased by 43% during the quarter.
More particularly non-LAND mints amounted to 30,194, which also contributed to a year-on-year increase of 246%. These mints mainly included avatars from the Captain Laserhawk: A Blood Dragon Remix, which launched in collaboration with Ubisoft, as well as Extraordinary Attorney Woo and The Notorious B.I.G. Big Poppa NFT collections.
Compared to Q1 2023, which was dominated by private LAND sales, public LAND became the largest driver of sales in Q4, with 44% of the total volume. However, private LAND trading was also up 19% during that time.
On the other hand, auction sales, public LAND sales and estate sales all decreased during Q4, and total revenue was down 42%, largely due to a drop in primary sales volume.
Despite SAND staking decreasing by 8% in Q4, The Sandbox also experienced a bounceback with the SAND market cap surging 89% to hit $1.2 billion in the last quarter of 2023. This was largely due to an 86% price increase of SAND, from $0.31 to $0.58.
More significantly, when looking beyond tangible data, 2023 proved to be a year where The Sandbox refined its focus on UGC by launching its Game Maker 0.9 tool, in addition to making LAND publishing open to all.
Indeed, when speaking to BlockchainGamer.biz at the end of the year, COO and co-founder Sebastien Borget said “The Sandbox is already quite different from what it was 1 year ago, and we’ve proven it by introducing dozens of branded events, new seasons and hundreds of UG experiences.” Moving ahead, this focus will likely only increase further.
“2024 will be the Year of the Creators”, he added.
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