Study Finds Most Sandbox Activity Concentrated Among Core Users and Investors

A large-scale network analysis of The Sandbox blockchain ecosystem reveals that most activity occurs within a tightly connected core of active users and investors. Celebrity partnerships and promotional events typically trigger only short-term spikes in transactions, with few producing lasting growth—Warner Music Group being a rare exception. Meanwhile, external shocks like the Ronin Hack had more noticeable long-term effects on activity despite not directly involving The Sandbox. The study also shows that crypto “whales” play a disproportionate role in the ecosystem, interacting with far more addresses than typical users and acting as key drivers of liquidity and transaction volume.