End the sale of virtual land by the end of 2026! How's the metaverse doing?

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The metaverse real estate trend took off in 2021, with numerous celebrities joining the ranks of virtual landowners on platforms like The Sandbox and Decentraland. However, according to real-time data from WeMeta, both land floor prices and trading volumes have seen significant declines. The Sandbox's land floor price dropped from around $1,500 to less than $500, with daily trading volumes plummeting to less than $35,000, marking a 96% decrease from the peak period.

As of the time of writing, the price of SAND token is currently trading at $0.309, representing a 96.31% decline from its all-time high.

Despite the waning enthusiasm in the metaverse, Sebastien Borget, co-founder and COO of The Sandbox, remains confident in the future of "virtual land." Borget revealed in an interview with The Straits Times that over 60% of The Sandbox users who purchased virtual land still hold their assets, and more than 30% of landowners have intentions to develop their properties, with some projects expected to launch in the coming years. He explained that after navigating through the challenging period of the pandemic, they now operate in a financial environment with an annual inflation rate of approximately 6%. Virtual land is intriguing, and Borget believes its depreciation rate is much lower compared to other asset types. People in the metaverse tend to hold and develop their purchased land continuously, which aligns with real-world behavior.

Additionally, Borget discussed The Sandbox's future plans, stating that they intend to end land sales around the end of 2026. They will carefully plan and develop the remaining land to build new communities, introduce well-known brands and public figures, and launch movie and sports-related communities following the Infinite Pulse music community. Furthermore, The Sandbox plans to introduce a value mechanism. If creators have valuable projects, they will be lent virtual land for their use to seize business opportunities. In summary, Borget believes that virtual land remains attractive to buyers.

Moreover, The Sandbox recently launched a new community called "Infinite Pulse," specifically designed for music creators and enthusiasts. Infinite Pulse is set to become the home for over 20 musicians, renowned music brands, and record companies, including Warner Music Group.