Sandbox is an online gaming platform that enables players to develop and commercialize digital assets as well as game experiences on the blockchain. In addition, an avatar is a virtual representation of a player that may be used to participate in games and interact with other individuals.
Furthermore, this blockchain-based company has a total funding of $95 million with a current total market cap of $3.68 billion (at the time of writing). This Play-To-Earn NFT has currently ranked #38 Cryptocurrencies on coinmarketcap. The Sandbox has a partnership with giant corporates like Kingsway Capital, Sterling.VC, Blue Pool Capital, and Liberty City Ventures.
This blockchain tech company also has a long-term goal of becoming a DAO (decentralized autonomous organization) under the control of its members. From there, the community members can have an influence on the company’s decision when a new feature or policy is developed.
What is Sandbox?
Sandbox is virtual gaming that runs on blockchain technology. The game was designed in a metaverse concept, in which a virtual world is created so that people can create their character as a representation of their own. Thus, they can purchase or trade digital assets with other characters in that virtual world. Moreover, DAOs and NFTs, two types of tokens, work together to make the Sandbox more secure and enjoyable.
In addition, this blockchain game also offers a native marketplace, in which people can trade their assets. It lets people make money from the creation, yet they need to participate in the Creator Fund before they can make a trade.
Sandbox is an application that runs on an Ethereum blockchain. It divides into 3 different native tokens, such as Asset (ERC-1155), Sand (ERC-721), and Land (ERC-20). These tokens serve at different purposes. The ERC-1155 token is used for asset trading like entities, equipment, and apparel, whereas the ERC-721 is utilized for the virtual land plots market. Eventually, the ERC-20 is a currency used to pay for gaming expenses, such as personalizing the avatar or purchasing other accessories.
How Does Sandbox Work?
Sandbox is a metaverse that is based on an ETH blockchain with the concept to allow users to play and earn from the game. With the platform, it controls and manages content, while creators’ and players’ rights are constrained. The users acquire the full authority of their own avatars like the real world.
Similar to BTC and other Cryptocurrencies, SAND tokens may be used as a means of trade since they are fungible coins. Users use SAND to buy and sell or spend to other utility cases within the community. In return, creators will be able to earn SAND.
In the realm of gaming, avatars and characters exist in a virtual environment where you may engage in combat with other players, use platforms to shoot and race over various obstacles, and so forth.
To win or lose, you’ll have to take on several tasks while interacting with other players on a regular basis. If you’re playing to make money, you could think to make at least a thousand dollars. Therefore, the platform is built into a framework that allows gamers to join the team without having to risk anything.
More than this, they may earn some advantage while still enjoying a good time playing the game. With play-to-earn, consumers are given the opportunity to make money outweigh what they spent.
This metaverse concept was created as a one-of-a-kind experience by allowing users to fully control their game. The company builds an ecosystem of DAOs and NFTs to develop the ultimate gaming environment.
Moreover, every user in the community (DAOs) has a voice to vote for gaming-changing features and other decisions making. Some examples include voting on topics, bugs, features, and initiatives, as well as fees and grants for the platform. Therefore, there is a great deal of influence that they have on the development of this gaming platform and community.
Other than that, the creation of this project aims to bring gaming experiences to the newly emerging technology, blockchain. Plus, anyone who does not know coding can use Sandbox protocols to establish games freely.
On top of that, UI and UX developers can build digital arts or events in the metaverse. Thus, the Sandbox eventually may be a stepping stone for building more virtual reality products.
What is The Sandbox Business Model?
In a rule of thumb for the gaming industry, there are three conventional business models for creators employed to generate revenue. In the first scenario, you acquire the whole game straight immediately. It is either you buy it online or download it; you will not be asked to pay extra cash for additional features. After making a purchase or downloading, the complete game is therefore available to you right now, so you can play it right away.
The second approach is known as Freemium, and it involves providing the game for free. Nevertheless, the overall gaming experience and performance would require players to make purchases on extra customization, accessories, equipment, or other stuff.
In addition, you will be the owner of any stuff purchased or earned NFTs in the game using this blockchain platform. Hence, you will have the authority to do whatever you want for your digital assets. Since Sandbox provides many use-cases, NFT owners have opportunities to exploit the beneficial rooms of profits. It is more than playing the game.
The Sandbox business model is Play-To-Earn. This approach is open for users to register and play the game on the platform for free without spending a single penny. In return, the stuff you acquire in the game may be sold or transferred to other players without requiring their consent.
In this way, it enables you to create a business model for yourself as a creator or player, allowing you to utilize your time and expertise. In contrast to a casino or other games, there are no limits on the amount of money you may make before the withdrawal.
How Does Sandbox Make Money?
Like any other Cryptocurrencies, Sandbox issued its own tokens called SAND. The token has a utility case for its own community. On top of that, SAND can be traded and recognized on both Decentralized Exchanges (Trust, Metamask, etc.) and Centralized Exchanges (e.g., Binance, Coinbase, FTX, etc.).
Furthermore, the Sand tokens were also sold at Pre-sale, IDO, and ICO. Plus, the tokens are used in its native marketplace for buying and selling NFTs as well. As of the token economy in the Sandbox whitepaper, land sales, premium NFTs, subscription & services, and marketplace Trx fees are also the source of revenue that the Sandbox makes.
For example, in 2020, 360 million SAND (equivalent to $18 million) were sold on Binance Launchpad as a part of income for Sandbox. At the same period, Binance also bought 4,000 tokens in the land to support the project so that it could move forward quicker. This means that the Sandbox’s economic strategy is based on increasing the demand for its numerous tokens.
Moreover, the Sandbox held two further bids in the first half of 2020, the latter of which were bought in a matter of minutes. As the metaverse platform is built on the ethereum blockchain, all transactions of the bidding were made using Ethereum (ETH).
In the winter vacation, this blockchain metaverse tech sold more than 20% of the plotted lands available on their platform even though the game was not released yet. In addition, the Sandbox sold 400 of Alpha NFTs. In 2021, they dropped the Gears and Ducks collection.
Through partnerships with numerous franchises that participate in its metaverse, it is able to generate demand for its product and increase sales. A specialized game based on The Walking Dead is planned for its release in the Sandbox in 2022.
As a further method of creating a market for tokens, the platform also allows different users to purchase digital land. Land tokens may be exchanged for SAND in order to acquire land. The land that these users possess may then be used to generate income via a variety of entrepreneurial endeavors.
Furthermore, users have the option of putting their SAND tokens up as collateral for other transactions. Users who conduct transactions on this platform will be charged processing fees of 5 percent of the total amount spent.
The Staking Pool receives 50% of those fees, which are subsequently used to compensate token holders. The remaining half of the proceeds will be contributed to The Sandbox. Later, the organization may compensate developers who inserted new functionality to its games using tokens it has set aside.
According to the company’s whitepaper, player subscriptions and advertising are both on the table for The Sandbox in the future. Therefore, some proportion of generated money will be retained by the company in that location.
This website has established an environment where numerous individuals have been eligible to attend the crypto community and learn about NFTs. Due to partnerships such as Houbi and BINANCE, The Sandbox has seen an increase in use and comprehension by NFTs.
The broader NFT market has benefitted from our efforts. NFT coins are exchanged at a rate of 1 million dollars a day. The Sandbox has become one of the top ten projects producing to this level of trade.