Sandbox is a blockchain-based metaverse where users can create and share digital experiences with others after buying the virtual land. Sandbox provides a different kind of ecosystem compared to other gaming metaverses including Roblox, Fortnite, and Minecraft. This article will analyze in-depth about Sandbox and the SAND metaverse token.
This blockchain ecosystem gained attention when Facebook rebranded to Meta. Sandbox already had a community of 40 million users when they announced the blockchain ecosystem because they had already launched The Sandbox and The Sandbox Evolution in 2011 and 2016 respectively.
The developers decided to move to blockchain to provide a different kind of experience to users. Unlike other gaming metaverses, Sandbox provides creators with full ownership of their creations in the form of Non-Fungible Tokens (NFTs). The users can trade these NFTs within the ecosystem.
How Does Sandbox Ecosystem Work?
The sandbox blockchain ecosystem is a combination of three products that are connected to each other. The platform provides a unique kind of user-generated content experience to its community members. The users can take advantage of the blockchain and smart contracts to get copyright ownership of their personally generated content.
ATARI, Square Enix, and Dapper Labs are the leading companies that have partnered with Sandbox to develop content on the platform. According to a recent update, more than 50 companies have partnered with Sandbox so far and it’s just the beginning.
Voxel Editor, Sandbox Marketplace, and Game Maker are the three essential components of this ecosystem.
VoxEdit
PC and Mac users can take advantage of this easy-to-use 3D voxel modeling to create 3D objects including humans, foliage, vehicles, animals, weapons, and other tools. The users can export the object from VoxEdit to the marketplace once it’s completed.
Sandbox Marketplace
Creations are uploaded into a decentralized IPFS network when users import them from VoxEdit. The users can then create an NFT through blockchain so they may sell it on the Sandbox Marketplace.
Sandbox Game Maker
This is an amazing platform where users can create 3D games with the help of visual scripting tools. Users no longer need to have an in-depth understanding of coding to create 3D games. The Sandbox Game Maker tool is powerful enough that it gets the job done within a few minutes.
What is SAND Metaverse Token?
SAND metaverse token is an ERC-20 utility-based token designed to facilitate transactions within the Sandbox ecosystem. With a circulating supply of 900 million coins, SAND metaverse token has a market cap of $4.6 billion. The maximum supply of this metaverse coin is set to be 3 billion coins.
Players can use this metaverse token to buy skins for their Avatars and other relevant items. Similarly, the creators use this token to create NFTs of their creations.
SAND metaverse token holders are considered part of the decision-making body. They can use their voting rights for certain activities within the ecosystem. The holders can also get better returns on their investments by staking their holdings because SAND metaverse token uses a proof-of-stake mechanism for processing transactions.
The users can get rewards for verifying the transactions according to Sandbox’s terms and conditions. For each transaction, the users pay 5% of the total amount as a transaction fee. The transaction fee is then divided into two parts and the 50% amount goes to the token holders and the remaining amount goes to the Foundation.
The Foundation is responsible for funding gaming projects and artists who can provide a high-quality experience to the community.
SAND Isn’t the Only Native Token of Sandbox
SAND is the most important token of this ecosystem because users need this token to access the Sandbox platform. However, using this token they can buy other native tokens that can then be used to perform other transactions.
LAND
As the name suggests, it’s virtual real estate where users can build their games and other ASSETS within the Sandbox platform. It’s a unique non-fungible token that can be sold if desired. The company plans to establish 166,464 LANDS. A LAND is a 96×96 meters area within the gaming metaverse.
Users can store their assets and create different gaming experiences within this area. Not just that but the users can also host contests, earn tokens, and perform many other activities using the LAND. Those who are willing to launch a combined experience for an entire team can choose an ESTATE instead of a single LAND. ESTATE is a combination of multiple LANDS.
LAND is another native token you use to make purchases within the Sandbox ecosystem.
ASSETS
The ASSET is another native token that can be used for transactions. An ASSET can be anything including an avatar’s skin, weapons, or other tools the users have created using VoxEdit. The users can either keep these ASSETS in their LAND or they can trade them on the Sandbox marketplace.
These ASSETS are also non-fungible tokens and like every other NFT, an ASSET can only belong to one entity at a time. The owner can display the ASSET on Sandbox Marketplace for sale. The buyers can place bids to buy the ASSET. The buyer and seller will mutually decide the price of the ASSET because NFTs can’t be traded like other cryptocurrencies.
Conclusion
Sandbox is a blockchain-based metaverse that allows users to enjoy different activities in the digital world. Users can buy LAND in this metaverse using its native token SAND. The platform offers a number of opportunities for users to earn native tokens.
