What is Sandbox (SAND)? and how its work?
SAND is an ERC-20 standard token that was created on the Ethereum network in 2011 as the ecosystem and Sandbox game’s native token.
Sandbox is a virtual world platform created for players to design unique digital assets or NFT such as their own character or games for other people to play in order to attract online game lovers or NFT collectors, which will result in a stronger sandbox ecosystem.
Sandbox games are designed with a Play-to-Earn model. Rewards may be in the form of SAND coins, in-game property (Land), and other in-game assets which are tokens of various standards; ERC-20, ERC-721, and ERC-1155 respectively.
Moreover, the Sandbox platform operates with a DAO (Decentralized Autonomous Organization) that functions through smart contracts where the rules cannot be modified and all decision-making rights lie upon the holders of the coin.
SAND was developed by Arthur Madrid and Sebastien Borget. The two were also the founders of the game company called Pixowl which is partnered with ATARI and the popular series; The Walking Dead, and have also received investment funds from giant gaming company, Square Enix.
SAND tokens can be utilized by investors or users as a medium of exchange, whether it’s Land, in-game equipment, or decorative items, which are all in the form of digital assets that players can own within the Sandbox gaming platform. Sandbox also enables users to generate income by selling assets on the Marketplace.
SAND holders can participate in decision-making processes for the future of the platform through its DAO system, while also being able to stake in the system through Uniswap, where investors deposit SAND and ETH in the Liquidity Pool with equal value. If investors own Land in SAND, the rate of return can increase up to 1.65 times and if users stake for a full month, they will receive additional NFTs for free.
For users who own Land in the game, staking with SAND can be performed within their Land to earn rewards as ERC-20 standard tokens like Gems and Catalyst to wear or sell on the Marketplace.
SAND tokens that are used as a fee for all in-game asset exchanges, which are divided and used as rewards for those who stake SAND in the system and Foundation to reward creators on the platform to encourage the creation of quality work, which is considered as a well-designed ecosystem.
Sandbox is designed with three main distinct functions to enhance the ecosystem’s utility and to create value both internally and externally.
The Voxel Editor is also available for users to create characters, avatars, or items within the gaming platform, wherein players can freely create or design items to sell on the Marketplace to gain SAND tokens to buy other in-game items or sell them for income.
The Marketplace is a hub for the exchange of a wide range of assets including equipment, decorations for Land, wherein all assets are unique digital assets, or NFTs.
The Game Maker is a function that allows players to create games as desired in order to bring out the uniqueness of the Land to attract other players to visit and play in the area. When a game becomes more popular to players, it can result in higher Land value.
Nowadays, when characters or objects can be placed in different areas, it is like personal real estate that can be designed and decorated in its own way. This makes it possible to provide interior design services to increase the value of the in-game Land.
In reference to statistics from Coinmarketcap on October 21, 2021, SAND is ranked as the 120th highest in terms of market capitalization, with around 690 billion U.S. dollars or around 23 billion Thai baht. SAND’s maximum supply is fixed at 3,000,000,000 SAND with a current 892,246,119 SAND in circulation. Additionally, SAND once made an all-time high at 40.58 baht and is hovering around the price of 25.70 baht at the time of writing.
SAND is an ERC-20 standard native token on the Sandbox gaming platform, a Decentralized Finance (DeFi) platform allowing players to create characters and in-game items through the Voxel Editor, which can later be exchanged with other users on the network’s marketplace.
Sandbox is becoming increasingly popular amongst gaming and Decentralized Application (dApps) enthusiasts, more so as the platform can generate income for its players.