What Is The Sandbox? | Notum
Mar 04, 20225 min read
The Metaverse is invading more areas day by day, and crypto isn't the exception. Many projects have already been built within the virtual worlds, and others are on their way to embracing the concept by becoming a vital part of the upcoming future. Just have a look at Facebook (now Meta), Microsoft, ZARA, Apple, Nvidia, and many others. What's in the core? It seems that the point here is to be on the safe side if a prominent part of our lives becomes digital. We can't argue with a simple fact: more projects exist within a digital world. Maybe that's a call of the future, or there isn't enough space for all of us, and we relocate to meta lands earning money there, socializing, storing our funds, ID, documents, and having a business. Maybe it was born out of the crisis of human relations, in a world where you can't believe and trust other people, especially in the financial sector. Who knows? Actually, it could be all in one and even beyond.
So, here it goes, we're going to learn about The Sandbox project to understand it better, as it's surely an essential element within the Metaverse we're talking about above.
The Sandbox Explained
The Sandbox is a virtual reality where players build, own, and monetize their gaming items using NFTs and a platform's native token SAND. Players create digital assets in NFTs form, upload them to the Marketplace, and integrate them into games with The Sandbox Game Maker. The Sandbox world is made up of LAND – virtual pieces of real estate – in The Sandbox metaverse that players can buy or sell.
The Sandbox consists of three incorporated products such as the VoxEdit, Marketplace, and Game Maker, giving players an extensive experience for user-generated content (UGC) production. Such a combination of products benefits players by helping them to protect copyright ownership for their user-created content within the blockchain and smart contracts.
The Sandbox has several token types to create a circular economy between all users who will interact with the platform: players, creators, curators, and landowners:
- SAND is the ERC-20 token used within The Sandbox as the basis for all the ecosystem's operations.
- LAND is a virtual real estate within The Sandbox platform. Players use LAND in order to inhabit it with games, assets, and interactive experiences. Each LAND is a unique token on the public Ethereum blockchain (ERC-721). They allow players to play, create games, earn tokens, and host contests.
- ASSETS is a token minted by players who build user-generated content (UGC). ASSETS uses the ERC-1155 standard and can be traded on the Marketplace, with their main utility being to serve as creation elements in The Sandbox Game Maker.
Players can buy ASSETS or LAND directly from The Sandbox on OpenSea. ASSETS include in-game assets such as weapons, monsters, and digital art.
According to Sandbox's team, the total supply will be around 166,464 LANDS. As for SAND, its total supply is 3 million.
About The Sand Token
The Sandbox platform is powered by the ERC-20 token SAND. What does it give?
- Access to The Sandbox
Players spend SAND to play games, buy equipment, or personalize their Avatar character. Creators spend SAND to get ASSETS, LANDS, and through staking. LAND Sales will roll up demand for SAND to buy LANDS. Artists will spend SAND to upload ASSETS to the Marketplace and buy Gems for defining Rarity and Scarcity.
SAND is a governance token that gives the holders an opportunity to participate in governance decisions within the platform, using a DAO (Decentralized Autonomous Organization) structure. They also have voting rights on such key elements as Foundation grant attributions to content, game creators, and feature prioritization on the platform roadmap. SAND holders can vote themselves or grant voting rights to other players they've chosen.
- Fee Capture
5% of all transaction volume is performed in SAND tokens (Transaction Fees) will be charged, with 50% of the revenues going toward the Staking Pool as rewards for token holders who stake SAND tokens, and 50% to the '"Foundation."
The main role of the Foundation is to help The Sandbox's ecosystem, offering grants to inspire high-quality interactive content and game production on the platform. To date, the Foundation has funded 15+ game projects and granted 100+ artists to mint NFTs ahead of the public launch. The overall valuation of the Metaverse grows through the valuation of all games funded by the Foundation, creating a virtuous circle to enable funding even bigger games and experiences.
How to Buy SAND
To get some SANDs, you need to:
- Open an online account
SAND is supported by some well-known trading platforms, including Gemini, SimpleSwap, Binance, and others. Usually, such exchanges have a convenient mobile app. To trade SAND, you need to create an account on one of the exchanges if you don't already have one. As soon as you verify your ID, you can fund your account with fiat currency or another crypto to buy SAND.
- Set up a crypto wallet
If you aren't aiming to trade your new tokens in the near future, it's considered to be a good idea to move them off the exchange. When you have total control over your assets, the risk of hacks and funds lost is strongly eliminated. There are many different options to use, including hardware and paper options, but hot wallets can be an easy and convenient way to manage your crypto.
- Buy your first SANDs
First, fund your exchange account with fiat currency or supported cryptos. The quickest option to deposit USD is to link your bank account and initiate a transfer. Once you deposit your account, find SAND on the exchange and make your purchase.
The SAND's price depends on the success of the game and the ecosystem as a whole. The more popular the game is, the more people want to buy SAND to buy land and other in-game assets, which, of course, drives the price up.
The Sandbox's Roadmap 2022
The project has ambitious plans for the following year. In the 1st quarter, they are going to announce the official P2E game launch, set up a character
skin NFT sales, and release a new game mode. As for the 2nd quarter, the team is launching a marketplace, selling NFT lands. The 3rd quarter is promising to be productive, as well. So, there will appear a renting function, selling of NFT vehicles, and a new game mode PvP. The last quarter should bring us a new game mode and a new land resource in space.
The Sandbox is gaining popularity, and that’s because the game is smartly crafted and gives an opportunity to get a passive income. A player enjoys the process of being fully involved in the game while earning. That’s something that couldn’t be beaten.
The ecosystem is growing and becoming even more interesting for a player thanks to new features (just have a look at the impressive 2022 roadmap!) and a sensitive team’s approach to the things a user is seeking for.