5 min reading
What have the crypto and gaming industries common? Let’s find out in this article!
What is Sandbox
The Sandbox (SAND) is a virtual space facilitating gamers to create, control, and sell their gaming experience on the Ethereum blockchain using the platform’s native token SAND. The token is based on the Proof-of-Work consensus mechanism. One of The Sandbox platform’s primary tasks is to generate game assets (ASSETs) from scratch, submit them to the marketplace, and then monetize them via blockchain. The platform works with projects and companies such as Atari, CгурtоKitties, and Shaun The Shеер to bring blockchain to the gaming industry.
At Sandbox, SAND is a functioning token for gamers and game content developers. It is fundamentally built on the ERC-20 standard and runs on the Ethereum network. Sandbox’s market capitalization is $5,967,924,116. Only roughly 675 million tokens, or 22 % of the entire supply, are now in circulation. Except coins held for its requirements, the team will very certainly release more SANDs to the market as demand develops. Investors are compensated with a percentage of the fee paid – Sandbox takes 5% of overall transaction volume, half of which goes to the Sandbox Fund, and the other half is dispersed to the investors. As a result, the profitability of staking is directly proportional to the number of transactions and, as a result, the popularity of Sandbox.
Despite its resemblance to conventional in-game coins, SAND serves many tasks at the same time. In particular, SANDs holders keep the ecosystem running by voting for network updates, awarding money to Foundation content and game developers. By the way, the player may vote for himself or transfer the right to vote to another player, according to the rules. In addition, NFT developers use the tokens in-game too: they auction off their NFTs, which include music and artwork.
Arthur Madrid and Sebastien Borget, the creators of game production company Pixowl, merged the powers of DAOs with NFTs in 2011. Sandbox, a decentralized platform for gaming community creation, is a successful combination of the gaming industry and crypto technologies. Sandbox, a mobile game, was released in May 2012, and the PC version followed three years later. Work on the blockchain version of the game began in the second half of 2018, and by 2020, the creators had produced a new 3D version of the game using the Ethereum blockchain. The SAND cryptocurrency was listed on several exchanges the same year. By the way, the SAND token is now available on the bit4you trading platform for trading and investing.
Sandbox has successfully integrated blockchain technology into large-scale games. Everything made on this platform is NFT: lands, characters, and equipment. Sandbox is focused on developing a creative “play to earn” approach in which users may be both developers of lands and NFTs and gamers at the same time. Moreover, users, for example, fill lands with material to raise the site’s worth. Players may also earn SAND tokens for their achievements, gather in-game stuff, and sell them to other players.
In addition to the incorporation of new gaming and graphics elements of the platform, blockchain improves the marketplace, by offering user interface, decentralized application, and other new services. The company’s development strategy extends through 2023. This demonstrates the developers’ interest in achieving their long-term objectives and the possibility for future expansion, creating prospects for coin value.