The Sandbox’s LAND Primary Sales Volume Was Up But the Secondary Sales Fell By More Than 50%

The Sandbox’s LAND Primary Sales Volume Was Up But the Secondary Sales Fell By More Than 50%

The SAND token was trading at $2.88 at the time of writing, up over 2% in the previous 24 hours but down 4.08% in the previous week. According to Messari’s study, though LAND primary sales increased, secondary sales decreased by more than 50% over the previous quarter.

However, the report noted that this may be due to the metaverse market’s influence declining.

“The market is merely finding its equilibrium, and demand for LAND remains healthy despite the buying frenzy of Q4 2021,” Messari wrote.

After a sudden rise in early February, market data revealed that SAND supply was steadily declining again. There were less than 445 million SAND in the exchanges at the time of publication.

So, who’s making the buying? To begin with, there are a lot of whales, as seen by the increases in transactions over $100,000. However, as SAND’s price climbs again, these have been tapering down in recent days.

“While most LAND buyers may be initially inclined to hold, the absence of practical means to monetize LAND though hosting of experiences may tempt them to take profits.” Messari noted.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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