Like what the name suggests, The Sandbox is designed to be an environment for both the playful and creative. But there’s more to do with SAND than heaping bucketfuls to make sandcastles like what we used to as kids.
The Sandbox is a massive virtual world or "metaverse" where players can build and create to their imagination’s content. And not only that, in The Sandbox, players own their creations completely and can even make a profit from them.
The Sandbox takes a page from the success of the popular world-building game Minecraft. In Minecraft, players aren’t limited by storyboards or linear game mechanics. Instead it's the players themselves who set the rules and make the games within the Minecraft universe–everything from puzzle games, role-playing, world-building, even first-person shooters. The main difference however is that The Sandbox is built on blockchain technology (specifically on Ethereum) which takes the experience on a completely different plane.
How so? For one, The Sandbox makes use of non-fungible tokens (NFTs) which gives players complete ownership and control over the items they own within the game, including the virtual parcels of land. Using The Sandbox Game Maker, players can build their own structures and devise their own Sandbox games to craft virtual experiences for other players. The possibilities for what can be done in this massive virtual space are practically only limited by one’s imagination.
With their creations, players can make a profit selling and trading NFTs as their Sandbox projects gain popularity within the community. They can also hold virtual events like competitions, shows, concerts and exhibits which they can also choose to monetize. Virtual real estate can appreciate in value too as more and more structures are built on to it.
When land first went on public sale in February of 2021, each parcel was averaging at only $48. As of August 2022, sales have reached an average of $2,400. Such prices are driven not only by market demand for the project but also by scarcity, with The Sandbox’s world limited to only 166,464 land parcels, each parcel measuring at 96 x 96 “meters” within the virtual world.
In fact, the most expensive piece of digital real estate on The Sandbox sold for a whopping $4.3 million for a property previously owned by Atari.
What can you do with SAND?
SAND is The Sandbox’s native cryptocurrency and is used to facilitate all transactions that take place within its own in-world economy. All assets such as NFT’s and land parcels are purchased and sold with SAND.
SAND is likewise used to reward creators and game makers who contribute content for The Sandbox Community.
Lastly, SAND can also be staked to participate in community governance. The Sandbox is a community-owned project, which means that the users themselves who devote their time and effort in building the world get to decide on the project’s future directions and fund allocations. Governance voting is represented by the size of one’s stake–the more SAND you stake for governance, the more voting rights you have within the community.
SAND has a maximum supply of 3 billion tokens of which 1.28 billion are already in circulation with a market cap value of $1.6 billion as of August 2022.
During its 2019 launch, 33.18% of tokens were allocated for early investors, strategic sales and initial exchange offerings. Another 12% were allocated to support The Sandbox ecosystem through its foundation, while 29% were allocated for founders, teams and advisors who worked on the project. The remaining 25.82% were held in company reserve.
Ready to start with crypto?
Start your trading journey by downloading the PDAX mobile app.
DISCLAIMER: The statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital asset and its ecosystem. Any and all trading involving the digital asset is subject to the user’s risk and discretion and must be done after adequate and in-depth research and analysis.
PDAX is a BSP-licensed exchange where you can trade Bitcoin, Ethereum, and other cryptocurrencies directly using PHP!
You might also like
Smooth Love Potion (SLP)–play to earn in the Axie Infinity Metaverse
January 24, 2023
Chainlink (LINK) – the oracle network guarding our smart contract data
January 18, 2023
Tezos (XTZ) – a self-upgrading network
January 09, 2023
Avalanche (AVAX) – scalability from a unique network architecture
January 06, 2023