The Sandbox and its native token SAND witness an extremely slow year NFT trades in 2022 witnessed diminished popularity as compared to 2021 The Sandbox burst into the blokchain and crypto scene last year as one of the most promising metaverse projects. Fast forward to the present and the excitement has died down, while its […]
NFT trades in 2022 witnessed diminished popularity as compared to 2021
hype and growth for The Sandbox, as well as SAND? Perhaps The Sandbox’s performance in 2022 may offer some perspective.The Sandbox registered strong NFT demand in 2021 and this theme was observed throughout the year. However, things turned out different this year as demand for NFTs dropped off sharply. The second half of the year has so far had lower NFT trades volume than it did in the first half.
A look at the amount of unique active addresses that bought NFTs in the last 12 months also revealed some interesting findings. For example, unique addresses buying NFTs worth over $100,000 were more than unique addresses buying NFTs worth less than $1,000.Furthermore, the chart given also confirmed the demand drop in the last 12 months. The number of addresses witnessed a drop but there was some notable activity taking place.
All the above observations including the volume drop and lower network activity reflected the state of the market. Many crypto projects have also gone through the same during the market crash.
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