The crypto market has been struggling to recover, with the total value continuing to fluctuate around £0.99 trillion three weeks after the disastrous crash took place.
The Sandbox, whose Metaverse has been unable to bring the network out of its doldrums, is among the bearers of the ongoing bearishness.
May has proven to be the worst month for crypto for the second time, as two of the largest crashes ever recorded occurred during this month.
The Sandbox, which is known for its Metaverse, has seen a significant drop in investor interest. With the end of the month approaching, the aggregate sales of LAND plots have plummeted.
With only 1,090 units sold in May, it was the lowest month since May 2020, when 797 units were sold.
The average price of each plot, however, was the saving grace for the total volume recorded through these sales.
The average price of LAND plots in May was the lowest in the last seven months, closing at £2,340. However, sales were £4.51 million, the first monthly sale in the single digits for the year of 2022.
However, the waning interest isn’t solely dependent on net sales; previously, despite an abysmal performance, investors were still eager to be a part of the Metaverse, and therefore the LAND plots were transferred.
May, on the other hand, saw the lowest number of Sandbox LAND Transfers since October last year. The total number of transfers was 9,641 at the time of writing.
Given the current state of the market, it’s reasonable to assume that the Sandbox still has some tricks up its sleeve, preferably effective ones for the Metaverse’s benefit.
Elvis Presley avatars will be appearing in the Metaverse in the near future, according to a statement, which will be a major addition to the existing celebrity avatars, such as Snoop Dogg.
Because the Metaverse’s entire existence is predicated on supply and demand, as well as popularity, this may be able to entice existing investors back on board and attract new ones to help SAND out of bearishness.