The Sandbox (SAND)
Built on Ethereum, The Sandbox is a blockchain-based virtual world where players can build, own, and monetize their gaming experience by buying and selling digital assets. The project was launched by mobile games studio Pixowl, founded in 2011 by Arthur Madrid and Sébastien Borget. The Sandbox is supported by big names from the blockchain and gaming industries including CryptoKitties, Splinterlands, Maker, and Atari. The non-crypto version of The Sandbox franchise has been around on iOS and Android since 2012 and has been downloaded by tens of millions of people.
The Sandbox team believes that creator rights and ownership are limited by the centralization of dominant games like Minecraft and Roblox. Also, existing marketplaces do not tend to support true microtransactions as they are based on fiat currencies – which also leaves them vulnerable to credit card fraud. These are some of the key problems that The Sandbox aims to address through the adoption of blockchain technology.
The Sandbox ecosystem comprises three main components. VoxEdit is a 3D tool that enables users to create, animate and share voxel objects which can be turned into limited ERC-1155 tokens called ASSETS. The Marketplace provides a trading environment where players can sell their ASSETS to others or give them away for free. Finally, the Game is the overall system where players can collect resources, rewards, and tokens to earn real profits and share playable experiences.
An important feature of The Sandbox is its blockchain-backed non-fungible tokens (NFTs) called LANDS. These represent physical spaces in The Sandbox Metaverse, which is based on a map of 166,464 LANDS. Players can buy LANDS and use them to create game experiences. LANDS can be customized, rented to game creators, and sold for a profit.
Players are represented in-game by an Avatar, which they can modify piece-by-piece by equipping it with different compatible ASSET tokens.
SAND is the main utility token of The Sandbox ecosystem. The ERC-20 token serves as the basis for transactions within The Sandbox. Players use it to buy ASSETS and LANDS, and in-game to play games, buy equipment, or customize their Avatar character.
SAND also operates as a governance token. Holders can vote on key elements of the platform through a decentralized autonomous organization (DAO) structure. Additionally, SAND holders can earn passive income on their LANDS by staking SAND.
Transactions in SAND incur a 5% fee, half of which is allocated to the staking pool to reward SAND holders. The other half goes to the Foundation which incentivizes high-quality content and game production by offering grants to support The Sandbox ecosystem.
There is a finite supply of 3 billion SAND, only 23% of which is currently in circulation.
Through the combination of fun gaming experiences and investment opportunities, The Sandbox has the potential to bring millions of new people into the world of cryptocurrencies.
Kriptomat is continuing to list new cryptocurrencies and new tools for our users to improve the overall investing experience. Customers can sign up for a Kriptomat account here to buy, sell, convert, send, receive, or store SAND today.
The text is informative in nature and does not count as an investment recommendation. It does not express the personal opinion of the author or service. Any investment or trading is risky, past returns are not a guarantee for future returns – risk only those assets that you are willing to lose.