What is The Sandbox metaverse? Types of tokens in The Sandbox ecosystem

What is The Sandbox metaverse? Types of tokens in The Sandbox ecosystem

What is the Sandbox?

The Sandbox is best known for its two smash mobile hits The Sandbox (2011) and The Sandbox Evolution (2016), which combined generated 40 million downloads across iOS and Android. In 2018, developer/Publisher Pixowl decided to bring this successful User Generated Content gaming IP and large community of creators from mobile to the blockchain ecosystem. The goal: disrupt existing game makers like Minecraft and Roblox by providing creators with true ownership of their creations as non-fungible tokens (NFTs) and reward them for their participation in the ecosystem.

The Sandbox is software running on Ethereum that operates a decentralized virtual gaming world.

At its core, the Sandbox is a game in which players can buy digital plots of land, called LAND, and create experiences on top of them to share with other users. In this way, The Sandbox is one model of a blockchain-based metaverse in the same vein as Decentraland.

In addition to the NFT-type LAND token, The Sandbox has two other native tokens that govern the operations in its metaverse:

  • SAND tokens –Used to facilitate various transactions that are part of its gameplay, including purchasing LAND, interacting with user-generated content, and staking it to participate in the governance of the decentralized autonomous organization (DAO).
  • ASSET tokens –Non-fungible tokens (NFTs) representing in-game items such as equipment for avatars and creations that are used to populate LAND. They can be traded in The Sandbox’s marketplace.

The Sandbox Tokens And The Types Of Sandbox Tokens

There are a total of five functional tokens in The Sandbox ecosystem and every token has a different utility. All these tokens are built on the Ethereum blockchain which ensures the safety of transactions.

All transactions that occur in the ecosystem are recorded in the blockchain technology leaving no space for duplicity or fraud. Every NFT that you create, sell or buy in the game is stored on the Ethereum blockchain promoting transparency.

So without further ado, let’s see what the different types of Sandbox tokens are.

1. SAND Token

$SAND is the native token of The Sandbox ecosystem acting as the sole currency in the platform. The Sandbox (SAND Token) is an ERC-20 utility token that is built on the Ethereum blockchain through which transactions and interactions take place. This token allows creators and players to exchange assets and other digital collectibles in The Sandbox marketplace.

It is a fungible token (ERC20) and thus, it can be readily exchanged with no change in the utility value. As all fungible tokens have the same value, you can exchange SAND for SAND, and both will have the same worth.

Uses of Sand Token

The SAND token is the primary currency of The Sandbox ecosystem and as such, it has many uses. You can use SAND to Mint Assets, Buy Gems and Catalysts, Acquire Assets, Buy Lands, etc. in The Sandbox.

2. LAND Token

The LAND token is an integral part of The Sandbox ecosystem where people with this token carry the ownership rights to a specific space in the platform. Land tokens are ERC721 blockchain-backed tokens with which you can acquire the ownership rights to a virtual space in The Sandbox. In the Sandbox Metaverse, there’s a map of 166,464 Lands with different dimensions.

People can buy lands and then combine different pieces of adjacent lands to make Estate and districts. With a Land token, a person can participate in the governance of the ecosystem and it has other added benefits too.

Land tokens are NFTs that can be bought and sold in The Sandbox marketplace. And they’re what we callthe virtual real estate investment in The Sandbox Metaverse.

Use of Land Token

With the Land token, you can become an integral part of The Sandbox Metaverse. The land token makes you eligible for taking part in the governance of The Sandbox where you can participate in major decisions taking place by voting. Moreover, you can rent, stake, host, form districts, etc with the Land tokens.

3. ASSETS Token

ASSETS are the ERC115 blockchain-backed tokens representing the virtual assets in The Sandbox ecosystem that can be traded in The Sandbox marketplace or used on land to create additional utility.

As explained by The Sandbox Whitepaper, “ASSETS are virtual tokens for digital 

scarcity, security, and authenticity. They are unique/limited as well as distinct and indivisible”.

With the help of the native Sandbox tool, VoxEdit, one can create multiple assets which can be monetized in the platform. All Asset creators have the ownership rights to their unique assets which can be bought or sold in the game.

Use Of Assets Token

The assets that you create, buy, or sell in The Sandbox Metaverse can be put to good use in the ecosystem. Depending on the value of your asset, you can either sell it to earn more money or you can place it on your land to charge value from the people who visit your space in the Metaverse.

4. GEMS

GEMS are the ERC20 utility tokens that increase the attribute value of assets in The Sandbox Metaverse. These are burnt-on-use tokens and one Gem can provide 25 attribute points to an asset which is extremely useful in gaming.

There are five attributes that can increase the value of your assets after they are burnt on your asset. Every Gem has a different function that can be applied to an asset, based on your requirements. You can acquire Gems by either staking land or by purchasing them from other users in The Sandbox Marketplace.

Use Of Gem Attributes:

By burning Gems on your Asset, you can boost up the value of your assets up to 25 attributes (the attribute point of one Gem). Moreover, with catalysts, you can increase the value of your assets up to 100 attributes making your asset valuable in The Sandbox marketplace for potential buyers.

5. CATALYSTS

CATALYSTS are ERC20 tokens that are burnt on usage and define the scarcity and tier of your asset in The Sandbox ecosystem. With the help of Catalysts, you can add empty sockets to your asset which can then be filled with Gem attributes.

Principally, there are four tiers of Catalysts and all these tiers have a differing value of scarcity and attribute points. The higher the tier, the lower is the scarcity and higher are the attribute points.

Share to Social Media

Share on facebook
Share on telegram
Share on twitter
Share on linkedin
Share on pinterest
Share on reddit
Share on whatsapp

Recent News

Hot stories

Promotion

Join Our Newsletter