What Is The Sandbox? What Is SAND?

By iTrustCapitalOctober 25, 20223 minutes read
What is The Sandbox SAND-03.png

Interested in learning about the erosion cycle of rocks and how sand is created? 

Well, you’re in the wrong place.

But - If you’re interested in learning about SAND, the main cryptocurrency token of The Sandbox game and self-proclaimed metaverse - stick around!

There are quite a few video games that allow players to create their own ways to play, their own characters, and even their own in-game assets. Incredibly popular games like Minecraft, Roblox, Dreams, and even Fortnite, have embraced UGC - or user generated content - as their main appeal.

The Sandbox is most similar to Minecraft, even using the same voxel-based graphic style, but with a very important difference. The Sandbox uses blockchain technology to allow players and creators to truly own the assets they create.

Established by developer and publisher Pixowl, The Sandbox started out as a mobile game. In 2018, Pixowl was acquired by Animoca Brands, after it was announced that a 3D version of the game would be coming to blockchain. With some sizable investments and notable investors, The Sandbox entered the blockchain space as an Ethereum-based project.

Let’s Dig In!

The Sandbox ecosystem consists of three main products, which are integrated to provide a comprehensive user experience. These are the Voxel Editor (or VoxEdit), the Marketplace, and the Game Maker. Using these three platforms, users are able to create their own assets, buy and sell their own assets, and create games in which to use those assets.

VoxEdit allows users to create and animate their own voxel-based NFT assets. 

What are voxels?

Voxels are 3D cube-like pixels that serve as building blocks in the game. 

The VoxEdit tool is simple enough for users to learn quickly, but powerful enough to create virtually anything you can imagine. The assets created are minted as NFTs, linked to the users themselves. 

What are NFTs?

NFTs, or non-fungible tokens, are  “one of a kind” assets that can’t be replicated, traded, or exchanged for one another. The NFT assets created using VoxEdit are then able to be sold or bought on the Marketplace. Having assets function as NFTs creates scarcity, which in turn creates value.

In other words, assets are inherently valuable because they can be rare and one-of-a-kind. This allows for the decentralized Marketplace to exist and operate organically, without a need for a third party to establish arbitrary values on product. The last product, the Game Maker, ties the others together. 

In order to use assets within a game world, you need a game! Here’s where things get interesting, and a little more complex. In order to have a place to build a game, you need to own LAND. 

What’s LAND?

LAND is another type of NFT token, also built on Ethereum, that functions as the in-world game space. Just like you’d need physical land to build a theme park in real life, you need virtual LAND to build your game in The Sandbox. So, essentially, LAND is the same as real land - but virtual! LAND is how the game is able to generate value and acts as a form of monetization for players who own LAND. LAND or ESTATE owners (ESTATES are several parcels of LAND grouped together) can rent out their LAND, host on their LAND, or sell their LAND.

How do you buy LAND? With SAND! And now we’ve come full circle.

So, what is SAND?

SAND is the digital cryptocurrency associated with The Sandbox. It’s built on Ethereum, and is an ERC-20 governance token. How does it work?

Users buy SAND with fiat currency or other cryptocurrency, then use SAND in several ways. They may buy LAND with SAND tokens, they may buy in-game assets with SAND tokens, or they can stake SAND. All purchases with SAND are charged a 5% transaction fee. 

50% of the fee goes towards staking pools as rewards, and 50% of the fee is returned to the Foundation, the organization that oversees the curation of the SAND ecosystem. The Foundation also organizes grants for creators through what is known as the Game Makers Fund. What else does SAND do?

SAND gives owners a say in governance of the platform via staking, voting, and curation. It allows players to play the game the way they want, as well as create games and assets the way they want. Finally, it gives the option to purchase services, and to trade for LANDs, ASSETS, or GEMs.

What are ASSETs and GEMs?

ASSETS, as discussed earlier, are NFT tokens created by players and SAND owners. They are therefore able to be bought and sold with SAND. Lastly, GEMs are features that allow users to assign their ASSETS rarity.

Something called a “catalyst” is virtually placed into an ASSET. Then, depending on the catalyst’s tier of rarity, it allows a certain number of GEMs to be placed into it. These GEMs give unique characteristics to ASSETS that provide further rare traits to increase scarcity and therefore value.

GAMES are, of course, a bundle of ASSETS and LAND to make up the interactive experience that creates a video game. 

As you can see, The Sandbox is truly a sandbox of imagination when it comes to the freedom to create, play, and discover.

Interested in investing in SAND? You can buy SAND now in your Crypto IRA with iTrustCapital.

DISCLAIMER:

This content is made available for informational purposes only.  iTrust Capital, Inc. does not make any representations or warranties as to and is not responsible for the accuracy, applicability, reliability, fitness, suitability, or completeness of the content.  

The content does not constitute legal, tax, or investment advice in any way.  We recommend seeking the advice of a qualified legal, investment, or tax professional.    

iTrust Capital disclaims any and all liability to any party for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of the content, which is provided as is, without warranties.

This content is protected by copyright laws.  Reproduction and distribution without prior written permission of iTrust Capital, Inc. is prohibited.

©️ iTrust Capital, Inc. 2022

All rights reserved.