What is The Sandbox (SAND)?

The Sandbox is a blockchain-based virtual world created by Pixowl that allows users to create, build, purchase, and sell digital goods in the guise of a game. The Sandbox creates a decentralized platform for a healthy gaming community by combining the powers of decentralized autonomous organizations (DAO) with non-fungible tokens (NFTs).

The Sandbox is an Ethereum-based blockchain project that has gotten a lot of interest because of its metaverse connections. Users can create virtual worlds, connect with others, and produce digital assets such as non-fungible tokens on The Sandbox platform (NFTs).

Furthermore, the Sandbox (SAND) ecosystem includes a tool called Voxedit that allows users to create non-fungible tokens (NFTs) for use in-game, as well as an NFT marketplace where producers can exchange their assets.

The Sandbox claims to be a virtual environment where gamers can create, control, and sell their gaming experiences using SAND, the platform’s utility token, on the Ethereum blockchain. The Sandbox Game Maker allows players to generate digital assets (Non-Fungible Tokens, or NFTs), upload them to the marketplace, and drag-and-drop them to build game experiences.

According to the official whitepaper, the Sandbox platform’s main objective is to incorporate blockchain technology into popular gaming successfully. In addition, the site aims to promote a creative “play-to-earn” approach that allows users to be both producers and gamers at the same time. The Sandbox uses blockchain technology by creating the SAND utility token, which helps with platform transactions.

The Sandbox also claims to have forged over 50 collaborations, including with Atari, Crypto Kitties, and Shaun, the Sheep, to create a fun, creative “play-to-earn” gaming platform owned and made by gamers. In addition, the Sandbox intends to introduce blockchain into mainstream gaming by providing true ownership, digital scarcity, monetization capabilities, and interoperability to both crypto and non-crypto game players.

Who are the founders of The Sandbox (SAND)?

Sandbox was first released by Pixowl in 2011. Pixowl, co-founded by entrepreneurs Arthur Madrid and Sebastien Borget, was acquired by Animoca Brands, a Hong Kong-based venture capital fund, in 2018.

Pixowl’s co-founder and CEO, Arthur Madrid, is one of the driving forces behind The Sandbox. In 2000, he earned a bachelor’s degree in economics from the Université Paris Dauphine. Madrid started his professional career as a consultant for Eurogroup Consulting France, but he quickly discovered his entrepreneurial side. He started 1-Click Media in 2001, which was later acquired by Ipercast.

Sebastien Borget is a co-founder of Pixowl and acts as the company’s COO. In 2007, he earned a bachelor’s degree in computer systems, networking, and telecommunications from the Institut national des Télécommunications. Arthur Madrid began his professional career as a project manager at 1-Click Media, and he and Sebastien Borget have been an entrepreneurial team ever since. They started Pixowl in 2011 and have been working on projects together since.

What is The Sandbox (SAND) Used For?

SAND is the utility token that underpins all transactions and interactions in The Sandbox ecosystem. It’s an Ethereum blockchain-based ERC-20 utility coin. SAND is an in-game money that functions as both a digital asset and a real-world item. Inside and outside of the Sandbox environment, SAND crypto has several important uses.

  • Gaming — To begin, players must have SAND to play any of the universe’s games. Players are immediately barred from participating in games created by other members of the community due to a lack of SAND funding.
  • Purchases — SAND is also required for the purchase of items and the customization of avatars.
  • Other tokens — Of course, as previously said, without SAND, users would be unable to obtain LAND and ASSETS, the platform’s most precious elements with variable costs. Furthermore, artists must first spend SAND before uploading ASSETS to the marketplace.
  • Governance — As a utility token, SAND grants its holders governance privileges. People who have SAND in their wallets have the opportunity to propose platform changes and vote on those proposed by other SAND holders. Users can also assign their voting powers to others using SAND.
  • Staking — SAND can be staked in the hopes of receiving additional SAND in the future. As a reward for all users who stake their tokens, the staking pool automatically gives 2.5 percent of every SAND transaction. In addition, the Foundation, which is in charge of overseeing the development of the Sandbox platform, receives another 2.5 percent of each SAND transaction.
  • Exchange — SAND, like any other cryptocurrency, can be used as a medium of exchange. SAND tokens can be accepted or paid for by anybody or any business, and they can also be traded.

What is the Unique Point of The Sandbox?

SAND is a unique platform because it is the first to incorporate blockchain technology into the gaming industry. When it comes to the adoption of blockchain technology, the gaming sector is a big unexplored opportunity, as Pixowl discovered in 2011. The Sandbox intends to change the market by establishing a universe where gamers may develop and gather blockchain-based goods. Thus, it carves out a space for itself in the worldwide gaming sector.

The Sandbox generates a metaverse of involved players that contribute to the platform’s further development by focusing on user-generated content. Furthermore, the Sandbox fosters decentralized governance by introducing the SAND token, allowing users to submit their thoughts and ideas regarding the project’s progress.

The startup got off to a fast start, attracting backing and funding from a slew of famous names in the gaming industry. Brands like Atari, Helix, and CryptoKitties are among them.

How Many The Sandbox (SAND) Coins Are There in Circulation?

The total supply of SAND tokens is capped at 3,000,000,000. Approximately 680,266,194 SAND tokens are currently in circulation, accounting for 23% of the total amount available as of March 2021.

About 25.82 percent of the total token supply was set aside in a business reserve. Another 17.18 percent was set aside for the token’s seed sale. Approximately 31% of the entire token supply was allocated among the founders and team members. Around 12% of the total supply was put aside for the Binance Launchpad Sale, while another 10% was set aside as a reward for the project’s advisers.

How Is the Sandbox Network Secured?

The proof-of-stake (PoS) consensus technique secures the Sandbox virtual world, which is constructed on top of the Ethereum blockchain. The SAND cryptocurrency is an ERC-20 standard token, which implies that its owners can stake it and get staking rewards.

Unlike the Bitcoin blockchain’s proof-of-work (PoW) consensus protocol, PoS does not require massive amounts of electrical or computational capacity to validate transactions. Instead, it is reliant on SAND token holders with the greatest holdings. While assuring the security of staked funds, the PoS consensus process enables a wide range of applications.

Where Can You Buy The Sandbox (SAND)?

SAND has been listed on several crypto exchanges; however, unlike other major cryptocurrencies, it cannot be purchased directly with fiat currency. However, you may still buy this coin by first purchasing Bitcoin, Ethereum, USDT, or BNB on any significant exchange, such as Binance or KuCoin, and then transferring to an exchange that trades SAND. In this post, we will walk you through the methods to purchase SAND in detail. Before compiling a complete list, keep in mind that each exchange has its own set of costs and KYC criteria.

  • Open an account with the crypto trading platform
  • Transfer the specific amount of fiat currency to your account
  • Wait for the deposit to be confirmed and buy SAND through the trading account

Which Cryptocurrency Wallet Supports The Sandbox (SAND)?

The PTPWallet platform supports many cryptocurrencies simultaneously, such as The Sandbox tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main The Sandbox wallet as it offers a simple and interactive interface, making it easy to navigate its system.

Facebook
Twitter
LinkedIn
WhatsApp
Telegram
Reddit

More to explore

IMX

What is Immutable X (IMX)?

Immutable X is a layer-2 blockchain project aiming to provide a scaling solution for NFTs and other projects on the Ethereum network.

Highstreet crypto token

What is Highstreet (HIGH)?

With the rise in popularity of NFTs, many brands are further tapping into the on-chain industry — Adidas with their very own

Hifi Finance crypto token

What is Hifi Finance (MFT)?

Hifi protocol is a decentralized platform that allows users to borrow assets against their crypto. Formerly known as Mainframe, HiFi aims to

Get on the VIP list!

Get company and PTPWallet updates and news sent straight to your inbox. No spam. Unsubscribe at any time. 


Get on the VIP list!

Get company and PTPWallet updates and news sent straight to your inbox. No spam. Unsubscribe at any time.