The gaming industry is channelling an increasing amount of resources into their projects that are powered by blockchain, especially in developing metaverses that are meant to enhance the overall gaming experience.
After Facebook’s rebranding into “Meta” in October 2021, the concept of metaverses and gaming in it has spiked in popularity as they have transformed the way people interact with each other virtually and have also impacted the way we define ownership of in-game digital assets.
And amongst all the hype, one of the hottest gaming blockchain-enabled projects that have emerged into the spotlight is The Sandbox, which offers players a unique virtual experience and allows players to unleash their imagination and creativity by enabling them to contribute to the virtual world and gaming items that are all based on NFTs.
The Sandbox is a play-to-earn game that utilizes blockchain, DeFi and NFTs in a three-dimensional metaverse to allow players to create and build their games and digital assets, and also customize them using free design tools such as VoxEdit and Game Maker.
Players in the ecosystem are able to build and design their very own avatars to access the various different environments, games and hubs on The Sandbox metaverse. The digital goods that are created can then be monetized through NFTs and sold on the Sandbox Marketplace for SAND tokens.
SAND, the native token of The Sandbox, is used across the Sandbox ecosystem as the basis for all kind of interactions and transactions in the game and can be earned by playing games and participating in contests in The Sandbox or by buying them on crypto exchanges.
The SAND token is an ERC-20 utility token that is built on the Ethereum blockchain and can be owned by players for playing the game, buying virtual lands and assets on the Sandbox Marketplace and customizing their avatars.
SAND token holders can submit and vote on important changes to The Sandbox platform through a DAO (Decentralized Autonomous Organization) structure. Holders are also able to stake SAND within the game for earning rewards which also include shares in the revenue from all SAND transactions.
The SAND token has a total and maximum supply of 3 billion, out of which around 910 million are already in circulation. It currently ranks among the top 35 cryptocurrencies in the world with a price tag of around $7.5 per token, with more than $6 billion market capitalization.
The SAND token started 2021 with a price tag of less than $0.04 per token and hit an all-time high of $8.51 recently last week, which is more than 24,000% increase in price, giving early investors and traders substantial profits on their investments. In the last month alone, it has registered a growth of more than 1,000%.
Source: TradingView, Binance
Despite BTC’s recent correction, SAND did not capitulate while quickly bouncing off a support line it found at the .382 fibonacci retracement of its rise. SAND is now expected to test another support level at $6.82 before continuing to further all-time highs (ATH). On its way, it will contend with its previous ATH of $8.5 and psychological levels at $8.75 and $9.
Sandbox is a community-driven and user-generated platform that enables users to create and contribute to the metaverse and also allows creators to monetize gaming experience and digital assets on the blockchain.
However, unlike other well-known play-to-earn games, The Sandbox doesn’t house a predetermined gaming world. Instead, it uses a flexible approach for its users to customize anything and everything with free and simple design tools.
Its blockchain-based virtual gaming world allows users to create, develop, design, buy and sell digital assets within its ecosystem in the form of a game and it achieves this by combining NFTs and DAO to make a decentralized platform for a thriving gaming community.
The gaming industry is a massive untapped market when it comes to blockchain adoption, and The Sandbox provides players with a universe where they can create, collect and build blockchain-powered assets and are making a niche for itself in the global gaming market by aiming to revolutionize it.
Disclaimer: This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.