SAND is the Sandbox platform's utility token. Players can use SAND for making transactions, staking, and voting on governance proposals.
A brief history
The Sandbox platform was launched on the Binance trading platform in August 2020. The Sandbox is a virtual Metaverse where players can build, own, and monetize their virtual experiences. The Sandbox is made up of three products: VoxEdit, The Sandbox Marketplace, and The Sandbox Game Maker. VoxEdit allows users to create and animate 3D objects in the metaverse, such as people, animals, and tools among other items. These objects are referred to as ASSETS and use the ERC-1155 token standard, allowing for both fungible and non-fungible tokens (NFTs) to be minted with a single smart contract. Next, The Sandbox Marketplace is a space in which users publish and sell their ASSETS after first uploading them to the InterPlanetary File System (IPFS). Lastly, The Sandbox Game Maker allows users to create 3D games for free.
SAND in practice
By providing an ecosystem for tokenized assets in gaming, The Sandbox ecosystem makes use of several different tokens. SAND is an ERC-20 token that powers all of the ecosystem’s transactions and interactions. SAND tokens are used to play games, purchase equipment, or customize your avatar. SAND also serves as a governance token of the platform. SAND can also be used to purchase ASSETS and LANDS, digital pieces of real estate which are represented by ERC-721 tokens (NFTs). Players use their LANDS to house games and ASSETS. Additionally, SAND tokens can be staked to acquire more SAND, as well as Gems and Catalysts- two other types of ERC-20 tokens which are required for ASSET creation. In addition to being acquired via the staking of SAND, Gems and Catalysts can be purchased from other players. There is also a transaction fee where 5% of all transaction volume carried out in SAND tokens is charged. 50% of this revenue goes toward the Staking Pool as rewards for token holders who stake SAND tokens, and 50% to the “Foundation,’’ which supports the Sandbox ecosystem.