Metaverse-based project The SandBox saw QoQ growth in its NFT mints and primary sales. However, the volume of sales from other NFT marketplaces fell, resulting in a decline in total revenue.
. This growth occurred despite the decline in interest in metaverse-based projects and NFTs, which plagued the year’s first half.The gaming metaverse offers a variety of in-game NFTs broadly grouped into LAND and non-LAND NFTs., The Sandbox comprises a map made up of 166,464 LANDS. LANDS on The Sandbox refers to digital land that can be owned and monetized within The Sandbox’s virtual world.
During that period, the number of LAND NFTs minted increased by 61%. This resulted in a 29% growth in LAND primary sales during the quarter under review.“Non-LAND primary sale volume grew by 30% and was greater than any individual LAND sale type.”While primary sales surged, secondary sales of these NFTs on marketplaces such as OpenSea and LooksRare experienced a dip in Q2. According to Messari:
“Both LAND and non-LAND assets have suffered secondary trading declines throughout each quarter over the past year. While the drop in floor price can contribute to lower volume, the ongoing poor market conditions may have also suppressed secondary activity.”Likewise, the project’s total revenue suffered a 15% decline quarter-over-quarter . The SandBox’s revenue is derived from its NFTs’ primary sale volume and royalty revenue and LAND royalty , private , auction , and primary sales .
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