Recently, metaverse coins have been attracting a lot of attention. The Sandbox (SAND) project, which is in this category, also managed to gain the attention of investors. Cryptocoin. com, what is The Sandbox (SAND)? We sought a detailed answer for you. In this article, we will examine The Sandbox (SAND) project together…
What is The Sandbox (SAND)?
Sandbox is a software that runs on Ethereum that runs a decentralized virtual game world. At its core, Sandbox is a game where players can purchase digital lands called LANDs and build experiences on them to share with other users.
In this way, Sandbox is a Blockchain-based metadata warehouse model in the same vein as Decentraland. In addition to the NFT-type LAND token, The Sandbox includes two more native tokens that manage transactions in the metastore:
- SAND tokens: LAND is used to facilitate various operations that are part of its gameplay, including purchasing, interacting with user-generated content, and staking to participate in the management of the decentralized autonomous organization (DAO).
- ASSET tokens: Non-changeable tokens (NFTs) representing in-game items such as avatars and equipment for creations used to populate the LAND. They can be traded in The Sandbox’s market.
Who created The Sandbox (SAND)?
The first version of The Sandbox was released as a mobile game in early 2012 in collaboration with Pixowl (led by Sébastian Borget and Arthur Madrid) and game developer onimatrix. In 2018, game developer Animoca acquired Pixowl, and the company announced its intention to create a 3D sandbox-style world by leveraging blockchain technology to leverage user-generated content (UGC) and the token economy. The Sandbox team held an initial coin offering (ICO) in August 2020 and raised $3 million to fund its future operations.
What is SAND Token?
SAND is the native cryptocurrency and an essential part of the Sandbox platform. The token is based on Ethereum and plays the following roles:
- Access to the platform: Joining the Sandbox platform, i.e. playing games, buying game tools, customizing their avatars, etc. For this, players must spend SAND tokens. Creators get a stake in SAND to acquire assets and LANDS, while artists spend SAND to put their export assets to market.
- Governance: SAND token holders can take part in governance decisions by voting for proposals. Such proposals will include how the foundation grant will be allocated, how the roadmap will be prioritized, etc. may contain. Token holders can vote for themselves or any other participant they choose.
- Staking: SAND token holders can stake in crypto and earn more income in LAND.
- As an incentive: A percentage of the total transaction fee will be channeled to reward SAND token holders. Token holders contribute to the flexibility of a Blockchain network.
How does The Sandbox (SAND) work?
Sandbox software leverages Ethereum Blockchain to track ownership of digital LAND and NFT ASSETS in its app. Users interact more with its ecosystem using Ethereum wallets that hold SAND tokens. Developers are also free to innovate on the Sandbox platform by designing animations and interactions experienced in their virtual real estate using a number of tools:
- Voxel Editor: Users can create voxels, the smallest unit of three-dimensional design, to design and bring to life creations such as flora, fauna, and avatar-driven equipment (such as clothing or weapons).
- Game Maker: Tools that allow users to create 3D games on their LAND using ASSETS they create or purchase in the marketplace.
Users can upload their creations to the Sandbox market, where they first register as ERC1155 tokens (ASSETS) on the Ethereum Blockchain. These ASSETS can then be traded using SAND.
