When Facebook, now known as Meta Platforms Inc., announced that it would be rebranding to “Meta” and start developing a metaverse, the world was taken by surprise. Actually, the idea of the metaverse has been around for quite a while now—this is in no way a new concept, and Meta Platforms Inc. definitely didn’t conceive the idea.
After all, video games that have created an entire virtual universe have been around ever since the 2000s, but it wasn’t until recently that the concept of the metaverse has been occupying the minds of millions of people. In line with this, games within the metaverse have been intertwined with decentralized crypto recently, and one of the biggest projects is known as The Sandbox.
The Sandbox is basically a virtual world based on the Ethereum blockchain, and it focuses on being a platform where you can find user-owned, created and traded in-game items.
Interested?
We’ll talk more about The Sandbox below.
What Exactly Is The Sandbox?
The Sandbox, otherwise known as just SAND, is an ERC-20 token on Ethereum. It basically functions as the native asset of the virtual economy known as The Sandbox. The maximum supply of the asset is said to be 3 billion, and at the moment, about 900 million tokens are already in circulation. Although, many are questioning the fact that The Sandbox calls itself a decentralized platform, yet a major portion of its overall supply is being distributed to the company, the team working on it, advisors, as well as investors.
The foundation of The Sandbox game lies in the team’s editing software. By using this particular software, The Sandbox users are able to create 3D in-game items, creatures, buildings, vehicles, and anything else your creative brain can imagine.
Once these items are created, they get added as non-fungible tokens (NFTs), and you have the option to either sell them on The Sandbox’s own marketplace or on other marketplaces such as OpenSea. The best part about The Sandbox is that you don’t even need to know how to code if you want to try your hand at creating your own 3D game.
After developing your own game, you can then monetize it and earn passive income whenever another user plays it.
The game’s vast map is composed of segmented areas which are called LAND, and each piece of this LAND is its own NFT. Each one is sold for thousands of dollars, and countless users have already become virtual real estate moguls. If you buy more LAND, you can combine them with your already-existing plot to create a much larger area that you can beautify as you please.
According to The Sandbox’s developers, they plan on making SAND function as a governance token in the long run. The project has plans to integrate with a Decentralized Autonomous Organization (DAO) by 2023, which will allow SAND holders to vote on important decisions that can significantly impact the future of the game.
Price History
A significant moment in The Sandbox’s price history was during Meta’s announcement. Before the announcement of Facebook’s rebranding, the project barely had an all-time high of $1. For several months until late in January, SAND was only trading at around $0.05. It had a major peak around March at $0.85 and by November, it spiked up to $3.
Unfortunately, it dropped around 15% after reaching that all-time high, and it’s still in the process of recovering from that. Still, it has a market cap of about $2 billion currently, making it one of the top 100 crypto projects.
How to Buy
Since The Sandbox is a popular token now, you should have no issues finding it on major cryptocurrency exchange platforms. Before you get to start trading SAND, you must first validate your identity. The process depends on every exchange made, but the usual requirements include your address, your Social Security number, and a valid ID.
Conclusion
Overall, is it a good idea to invest in The Sandbox? Just like most crypto projects, investing in SAND is risky and the market is unpredictable. At this moment, it’s impossible to tell how bad or good SAND will fare, but it’s clear that it’s a much promising player in the metaverse.
