As the gaming and cryptocurrency industries continue to evolve, the terms “metaverse” and “Play-to-Earn” are becoming increasingly prevalent.
The rebranding of Facebook as “Meta” and the company’s announcement of its vision for the metaverse has sparked excitement and speculation among industry observers. However, it’s worth noting that many crypto creators have been working towards the development of the metaverse for years.
One project that has emerged as a leader in the metaverse is The Sandbox. This project has gained popularity due to its unique blend of video game-like aesthetics and feel, and its similarities to Decentraland.
This article explains in detail how the Sandbox works, and provides insights on how you can get involved and become a part of this exciting new frontier.
What is The Sandbox?
The Sandbox is a revolutionary virtual environment built on the Ethereum blockchain that allows users to create, control, and monetize their gaming experiences through the use of SAND, the platform’s proprietary utility token.
The traditional gaming market is plagued by centralized ownership and control of user-generated content, which limits the creative rights and ownership of players. This often results in creators not receiving fair compensation for their creations, as they have no control over the pricing of their content. Furthermore, it can be challenging to demonstrate creative ownership of works.
The Sandbox addresses these issues by providing a voxel-based gaming platform that empowers creators to build, play, share, collect, and trade without the need for a central authority. This ensures that creators retain full ownership of their copyright and have the opportunity to earn native crypto tokens (SAND).
The Sandbox’s approach to blockchain gaming not only promotes the adoption of blockchain technology but also leverages the power of non-fungible tokens (NFTs) to create and secure copyright ownership.
Each in-game item has a unique and immutable blockchain identity, which is changing the way we acquire art, form communities, earn money, and play games.
How The Sandbox Works
The Sandbox software tracks ownership of digital land and NFT ASSETS through the Ethereum blockchain. Users can interact with the ecosystem further by storing their SAND tokens in Ethereum wallets.
Developers can also come up with new ideas on the Sandbox platform by using a variety of tools to design the animations and interactions that can be seen on their virtual real estate. The tools include:
VoxEdit is a simple software that allows artists and players to create, animate, and rig, voxel-based NFTs. Voxels (which are 3D square pixels) resemble Lego blocks. They can be quickly modified in VoxEdit to form various shapes.
Users can design avatar-oriented equipment such as clothing or weapons, as well as animals, greenery, and game tools in The Sandbox. Users can then export and trade these virtual goods as NFTs on the Sandbox Marketplace.
Game Maker allows users to create and test their 3D games within the Sandbox metaverse. It is a simple software that does not necessitate any coding knowledge. In the LAND environment, users can design and organize various elements and objects, including the NFTs created with VoxEdit.
For instance, they can edit the terrain, place characters and buildings, and curate quests from the community-created resource library. They can also share their creations with the rest of the Sandbox community.
The Sandbox Marketplace
It is a place where assets that have been uploaded to the InterPlanetary File System can be shared and sold.
The Sandbox Marketplace, which launched in April 2021, is an NFT marketplace where users can trade in-game assets (i.e., ASSETS) for SAND. The assets obtained can then be combined with LAND to create unique games using Game Maker. These NFTs can take the form of buildings, entities, wearables, and other objects that can be used within The Sandbox.
Tokens in The Sandbox Ecosystem
This is an ERC-20 token that powers all transactions and interactions in The Sandbox. It is needed to do everything in The Sandbox, including playing games and customizing avatars, buying and selling digital assets, and generating more SAND and other tokens.
LAND token holders have ownership rights to a specific location on the platform. These are built on the ERC-721 standard, which allows for ownership. It allows holders to rent, host, stake, and form districts. It also qualifies holders for governance roles.
It is a scarcity, security, and authenticity ERC-20 token. These tokens are one-of-a-kind, non-divisible, and limited.
They are ERC-20 tokens that can increase the power of holders’ ASSETS. They establish the scarcity and value of holders’ assets.
Gems are also ERC-20 tokens, but they are burned when used in The Sandbox. More GEMS can be obtained by staking SAND or buying it from other players.
They offer an interactive experience through the combination of assets and game programming. GAMEs must be paired with a LAND token to be active in The Sandbox. Creators can use Game Maker to create games, which results in a non-fungible GAME token based on the ERC-1155 standard.
Tokenomics of The Sandbox Ecosystem
The Sandbox ecosystem uses various tokens to create a dynamic environment for tokenized assets in the gaming industry. The primary token, SAND, is used to play games, buy equipment, and customize avatars.
As the Sandbox DAO is launched, SAND will be used as a governance token, thereby allowing holders to have a voice in shaping the ecosystem.
In addition to its use in gameplay, SAND is also used to acquire digital real estate in the form of ASSETS and LANDS, denoted as ERC-721 tokens.
These LANDS, measuring 96×96 meters, can be used to host games and assets. The total number of LANDS available is limited to 166,464. A player can also combine multiple LANDS to create an estate.
Furthermore, SAND tokens can be staked to acquire additional SAND, GEMs, and CATALYSTs. CATALYSTs determine the scarcity and “tier” of a player’s assets, with “common” assets being the most abundant and “legendary” assets being the rarest.
To enhance the user experience, The Sandbox pays Ethereum gas fees on behalf of players. The Sandbox Foundation also gets 50% of the transaction volume of SAND token. This is used to fund grants and promote the platform.
How to Make Money in The Sandbox
There are different ways to make money in The Sandbox. You can sell assets you’ve created with VoxEdit as NFTs on the Sandbox Marketplace. For instance, users can buy avatars, animals, and motorcycles, for as little as 10 SAND or as much as thousands of SAND.
Also, users can use the Sandbox Game Maker to create and market their games. They can also earn prizes by playing others’ games. Users can also profit from their LAND by renting them out to other players or filling them with content to increase their value.
Play-to-Earn games, such as The Sandbox, are paving the way for a revolutionary gaming economy. In this new paradigm, players are not only the creators but also the owners of the value they produce. This not only empowers gamers but also provides a financial incentive for them to actively participate and contribute to the platform’s ecosystem.
In essence, this new economy serves as a win-win situation for both players and platform operators as it rewards players for their efforts and contributions, creating a more engaged and thriving gaming community.
How to Buy The Sandbox cryptocurrency
There are different ways to buy the token. For instance, players can win the token by completing tasks in the blockchain game.
Also, users can use the Game Maker to create and market their games. The token is also available for purchase on some exchanges and can be bought on the following platforms:
Binance is the largest cryptocurrency exchange in the world. To buy SAND tokens, Binance accepts Bitcoin (BTC), stablecoins such as Tether (USDT), and the Binance Coin (BNB). Simply navigate to “Buy Crypto” to buy the cryptocurrency, then exchange it for SAND.
SAND can be bought through Simplex by using a credit card. You can have access to this service from the Sandbox’s dashboard.
To use Uniswap, click “Launch App” and then “Connect to a Wallet.” Wallets that can be used for this purpose include MetaMask or other Ethereum-compatible browser wallets. After connecting to a wallet, swap from Ether (ETH) to SAND by clicking “Swap.”
The MetaMask wallet can be used to exchange ETH for another Ethereum-based coin (such as the SAND token).
Here are the steps for buying SAND tokens from MetaMask:
- Click the “Swap” button and find the token.
- Click the “Get Quotes” button from the drop-down menu. This will display the available trade offers.
- Choose the best option and click “Swap.”
- The Sandbox Metaverse has the potential to revolutionize social interaction and is an essential aspect of understanding the Metaverse industry. As the platform continues to expand and improve, it will be fascinating to witness how it contributes to the Metaverse’s continued growth and acceptance by mainstream audiences.
- If you are interested in exploring the Sandbox Metaverse and its features, there are a few steps you can take. Visit the Sandbox website and register for an account. Then join the Sandbox community and engage with other players and developers to learn about the platform’s capabilities. You can also use the tools and resources provided by Sandbox to create your own experiences within the Metaverse.
- By immersing yourself in the Sandbox Metaverse and the larger Metaverse community, you can have a say in the evolution of this innovative approach to gaming, entertainment, and social interaction.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
If you would like to read more articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”