What do you mean by $SAND?
Token Thursdays: Episode 8
Welcome to another episode of Token Thursdays, where we break down popular crypto tokens and coins from the blockchain industry. In this episode, we talk about a leading metaverse token called SAND.
What is SANDBOX?
Sand is the native token of the popular Ethereum-based decentralized virtual gaming world ‘The Sandbox’. Sandbox is one of the top leading metaverses that is leading the development of decentralized web3 gaming. In Sandbox’s virtual world, players can build, own, and monetise their gaming experiences using non-fungible tokens(NFTs) and $SAND, the platform’s utility token. Players can create digital assets in the form of NFTs through their VoxEdit, develop In-game Experiences through The Sandbox Game Maker and Buy & Sell assets through their upload them to the custom Marketplace.
Interestingly the first version of The Sandbox was released as a mobile game in early 2012 as a collaboration between Pixowl (led by Sébastian Borget and Arthur Madrid) and game developer onimatrix. However, in 2018 the game developer Animoca acquired Pixowl and the company announced its intentions to create a 3D sandbox-style world by leveraging blockchain technology to take advantage of user-generated content (UGC) and token economics.
While playing the game, users can be divided into 4 main categories:
Furthermore, the game has multiple types of tokens in addition to SAND.
Key Features of SAND
- SAND is an ERC-20 token that will be used all across The Sandbox metaverse.
- It is used to facilitate various transactions & creations that are part of its gameplay.
- It is used to buy the valuable LAND NFTS & user-generated ASSETS Tokens
- Additionally SAND also carries a governance utility through a staking mechanism
- Medium of exchange: Players can potentially collect SAND through gameplay, and subsequently spend $SAND to play games, purchase equipment, or customize Avatar characters. Creators can spend SAND to acquire ASSETS and LAND. Artists can spend SAND to upload ASSETS to the Marketplace and buy GEMs for defining item rarity.
- Governance: $SAND allows holders to participate in governance decisions. SAND owners can vote themselves or delegate voting rights to other players of their choice.
- Staking: Users can stake $SAND tokens to earn rewards, as well as GEMs and CATALYSTs for ASSETS creation.
Where to buy SAND?
DIFX is a centralized cross-asset crypto exchange that allows users to trade between multiple asset classes that include indices, forex, crypto, metals, and commodities, just to name a few. The DIFX fully-insured crypto wallet comes from a partnership with Fireblocks, one of the leading crypto custodians in the world.
The Nomination Program is another unique feature of DIFX that allows users to manage the future of their crypto assets by passing them on to their families and loved ones. Recently, the company unveiled its Futures trading platform in an attempt to further improve financial inclusion and freedom through innovations offered by blockchain technology.
DIFX was presented with the “Most Trusted Cross-Asset Trading Platform — 2022” by the Crypto Expo Dubai and “Best New Trading Platform Award” at the E-Business Awards 2021 by Entrepreneur Middle East and the Forex Expo 2021