What is SAND?
SAND tokens are the utility tokens of The Sandbox metaverse, and they are used for all transactions ranging from purchasing equipment NFTs to governance voting. The asset is an ERC-20 token that is built on the Ethereum blockchain, and there is a total supply of 3 billion SAND tokens.
What is the token used for?
Players can use SAND tokens to purchase equipment, game models, and even behaviour expressions on The Sandbox NFT Marketplace. Each equipment, also known as ASSETS, contains a catalyst that ranges from common to rare, and comes with their own game attributes like ‘Power’ for physical damage, and ‘Defense’ or ‘Magic’ if it’s a magic-based equipment. Unlike games like Skyrim where the same items are generated repeatedly, most NFT equipment are uniquely designed thanks to individual creators using The Sandbox’s VoxEdit to design and mint their own item types and styles.
LAND are digital real-estates based in The Sandbox, and they are quantified as ERC-721 token in-game. Users that hold or own LAND can build game activities in them using NFT models purchased off the marketplace with the Game Maker feature.
Moreover, owners of LAND tokens can utilise them in ways similar to that of physical real estate. This includes charging a fee for users to enter their LAND area or engage in in-game activities, hosting events on their digital estate, or rent out their LAND to others. Imagine going to digital concert with friends online and listening to your favourite singer onstage, all from the comfort of your home!
All in all, there are a total of 166,464 LAND tokens available within The Sandbox metaverse which can either obtained through public sales, or purchased from The Sandbox’s NFT marketplace or other popular NFT markets.
Governance and Staking
Holding SAND token allow holders to vote on platform governance matters and have a say in the decision-making process. SAND owners can vote by themselves, or delegate voting rights to other players of their choice. Moreover, The Sandbox participants can also stake SAND tokens to earn rewards, as well as GEMs and CATALYSTs for ASSETS creation.
Tokenomics and Distribution
In terms of token allocation, around 33.18% of the 3 billion tokens have been allocated to its sales rounds. 25.82% is allocated for the company’s reserves, and the rest are distributed to its team, The Sandbox Foundation, and advisors. SAND token sold on Binance Launchpad were released immediately, while the other token holdings will be distributed over 5 years from 2020 to 2024.
A 5% transaction fee will be charged with every SAND token transaction made in the metaverse, which is then divided into 2 channels – The Sandbox Foundation and staking rewards.
Funds that go to the Foundation will be used to grow the space and support creators such as the Game Makers Fund, which is an initiative that supports game designers in The Sandbox’s metaverse by funding projects and helping to publish their games.
The other half that goes to staking rewards will be distributed to those who have staked their SAND holdings, and the assumption is the earned tokens will be traded on an exchange or used to purchase NFTs in the marketplaces, hence ensuring a use-case cycle for the token.
The Sandbox Team
Chief Executive Officer
Chief Operating Officer
Chief Technical Officer
Chief Financial Officer
At the time of writing, SAND tokens and The Sandbox have exploded in popularity thanks to the metaverse catchphrase in the crypto space. Not only is The Sandbox driving the idea of a gaming world that is community-driven, but it is also rewarding the creativity of users by allowing them to monetise their designs and skills through blockchain technology.
The Sandbox metaverse has entered its Alpha phase but it still has some ways to go before it is fully hashed out. With its busy roadmap ahead, it is set to be one of the biggest metaverse contenders in the space.
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