Cryptocurrency, Metaverse

What is The Sandbox (SAND) | Whitepaper Summary

What is The Sandbox (SAND) | Whitepaper Summary

The Sandbox Whitepaper Summary – Gaming Virtual World Built on Ethereum

What is the Sandbox(SAND)

Sandbox (SAND) is essentially a metaverse where users can monetise, create, and participate in blockchain-based gaming experiences. Software, applications (apps), and programs can be evaluated in an isolated but fully functional testing environment.

Sandbox has been a highly demanded metaverse because governments and businesses can evaluate the viability of adopting cryptocurrency and the application of regulations using a crypto regulatory sandbox. SAND is an Ethereum token that is the backbone of Sandbox, it powers the working of the metaverse.

SAND is also used to buy and trade NFTs and other in-game goods, as well as cast votes on the platform’s future. The term “sandbox” is highly used in the context of software development. A programmer/software engineer may use a sandbox to test new code that they have written. Before such updates and features are released, they may be tested in an isolated and controlled environment.

For instance, if a programmer working on updating the Rapido Bike/Auto app adds a new feature to more precisely locate the passenger using GPS, or if a team of developers at Instagram enhances the app’s functionality and its connectivity to common people, Sandbox comes very handy.

Blockchain technology is the most efficient way to adopt and operate cryptos within a financial system which have both been tested in regulatory sandboxes. Blockchain is a distributed-ledger system that functions like a shared database where money transfers are confirmed before being recorded permanently and made available to the public.

Additional Read: Metaverse Explained

EMERGENCE OF THE SANDBOX (SAND)

Sandbox Whitepaper Summary: It was founded by Arthur Madrid and Sebastien Borget, solely with the purpose of Authorised companies that can test their cutting-edge goods, services, business plans, and delivery systems in the real world with actual customers by using a regulatory sandbox.

The Spanish government and the European Commission earlier this week unveiled a pilot of the first regulatory sandbox solely based on artificial intelligence (AI) at an event conducted in Brussels in front of Spanish, European, and renowned specialists in the subject.

On July 29, 2022, The Sandbox was cited in almost 3000 social media postings on Twitter and Reddit. The Sandbox is being discussed by almost 2900 different people, and it is now ranked #77 in terms of most mentions and engagement across all articles.

THE SANDBOX’S ARCHITECTURE

The Sandbox is a decentralised play-to-earn gaming platform that allows players to build a virtual world using NFTs on the Ethereum blockchain.

It consists of three main products that provide users with an enriching experience and enable them to own the content they create.

  1. VoxEdit: VoxEdit is a 3D voxel modelling and NFT creation package that allows users to create 3D objects such as animals, weapons, structures, etc. which can then be later used in the game. After creation, these models can be exported to the Marketplace where other players can buy them as NFTs.
  2. Marketplace: Marketplace allows users to publish and sell their NFT creations made with VoxEdit. These NFTs are stored on IPFS and also registered on the blockchain to provide ownership to the creators. Once published on the Marketplace, these NFTs become ASSETS which can then be sold to potential buyers.
  3. GameMaker: GameMaker allows users to create no-code 3D games for free. These games then contribute to a vast metaverse of games, structures, models, and creations.

The Sandbox uses various tokens to ensure a circular economy between all the stakeholders- players, creators, landowners, etc. All of these tokens are ERC (Ethereum Request For Comment) tokens and are deployed on the Ethereum blockchain.

  1. SAND

    SAND is the native token of The Sandbox. It is an ERC-20 token with a total supply of 3 billion SAND. It forms the basis of all transactions on the Sandbox. Users need to own SAND to transact/interact in the Sandbox. SAND also acts as a governance token, through which holders can vote on changes through a DAO. SAND can also be acquired by playing different games within the Sandbox ecosystem as rewards.

  2. LAND

    It is a digital piece of real estate in the Sandbox. It is an ERC-721 token on the Ethereum blockchain. Users can charge other players for visiting their piece of estate. They can also combine multiple LANDs to create an ESTATE. There are a total of 166,464 LANDs in The Sandbox.

  3. ASSET

    ASSETs are created through VoxEdit and later sold in the Marketplace. It is a user-generated ERC-1155 token that can include costumes, buildings, animals, weapons, etc.

ADVANTAGES OF THE SANDBOX

The Sandbox’s environment allows for a huge number of advantages over other platforms as follows:

  • Security
    SAND leverages Ethereum’s architecture and thus the tokens generated through Sandbox are secure
  • Ownership – The assets created on Sandbox through VoxEdit belong rightfully to the creators and thus provide the creators the full ownership of their products.
  • Passive Income
    Players can generate passive income playing in The Sandbox as they can trade and charge other users for using their piece of land in the game. Users stake their SAND tokens to use other users’ LANDs.
  • Governance
    SAND holders have the privilege of participating in governance activities. They can either vote themselves or give their voting rights to other players.
  • Interoperability
    SAND tokens can be used across all the different games that are created on the platform. In each game, it can be used to perform all functionalities.

The Sandbox provides a wonderful platform for creators and players alike to generate income through their work. It provides 100% of the selling price to creators and no commission is lost as there are no intermediaries like in the traditional systems. Apart from showing their gaming prowess, it is also a wonderful platform for designers to showcase their designs and earn money while doing so.

THE SANDBOX’S TOKENOMICS

Sandbox Whitepaper Summary: SAND is the native ERC-20 token of The Sandbox that powers all the transactions and interactions on the platform. It has a total supply of 3 billion tokens. Currently, 1.28 billion SAND tokens are in circulation.

Its current market cap is 1.78 billion dollars, and this ranks it 37th on the list of cryptocurrencies by market cap. The live price of SAND token is $1.38(July 2022), almost 6 times lower than its all-time high of $8.44.

SAND and other metaverse coins had a superb bull run when Facebook announced a rebranding to “Meta” and its plans to focus on metaverse. Other in-game tokens like the ASSETs, LANDs, GEMS, etc are not listed on crypto exchanges, but they can be minted and bought through SAND itself.

THE SANDBOX’S (SAND) PERFORMANCE OVER THE YEARS

SAND/USDT | Source: Tradingview

Additional Read: Sandbox Technical Analysis

SAND FACES STIFF COMPETITION IN THE CRYPTO SPACE

  • Decentraland (MANA)
    Decentraland is an Ethereum-based virtual marketplace where you can buy or sell lands and plots in three dimensions. Then, to your needs, you utilise the land to build your settings, apps, or a market. It thrives as the first decentralised virtual environment that enables users to fully immerse themselves in a cutting-edge technological experience. Users can produce, exchange, and monetise their digital material and virtual property on this exclusive platform. On Decentraland, you can own anything and everything, from an art gallery to hangout areas, from conference facilities to luxurious residences.
  • Substrata (SUB)
    Substrata is a 3D virtual world that is currently in a developing stage, that is slightly different from Sandbox. It differs from Sandbox in that it doesn’t strictly adhere to the NFT model. However, a player’s whole collection of parcels can be minted as Ethereum NFTs. Users can get a personal “space” or land piece to personalise as well as explore the lovely, shared world, chat, play, and build. Direct purchases of parcels can be made on the website or secondary markets.
  • Bloktopia (BLOCK)
    Bloktopia has a 21-story building named Reblok and a VR metaverse game. This indicates that there are a total of 21 million Bitcoins available. Bloktopia is meant to be a centre for events, a gathering spot, a place to work, etc. Other users can rent out any Reblok floor. Bloktopia is different in that it is based on the Polygon network (MATIC) to support its four main objectives: study, earn, play, and create.

Additional Read: Mana vs Sand

Decoding SANDBOX Whitepaper Summary (ROADMAP & VISION)

Sandbox was initially launched by Pixowl in 2011. Pixowl, a venture financing firm based in Hong Kong, was acquired by Animoca Brands in 2018 after being co-founded by businessmen Arthur Madrid and Sebastien Borget. With the recent $93 million financing round, Sandbox developers are free to expand their growth plan and business operations.

This reflects the interest of Softbank Vision Fund in decentralization and the Web3, the next generation of the Internet. Since its launch, Sandbox has developed into one of Metaverse’s most well-known cryptocurrencies. Anyone can play, create characters, and then sell them as NFTs in the Sandbox environment, regardless of technical skill.

Sandbox has grown to be one of the top Metaverse crypto to watch in 2022 because of its extensive use. The Sandbox environment has developed into much more than just a gaming platform, and various other facets of the virtual world are being researched. One of the top banks in the world, HSBC, just bought some sandbox land.

HSBC sees the worth of Sandbox Metaverse territories because they are interested in them. The essential vision of Sandbox is that people come here to have fun, build, plan, and construct their ideas in a very open-to-all environment. In the recent crypto crash, Sandbox hasn’t been impacted, because it is essentially a game, completely different from real-time cryptocurrency investments. Sandbox hasn’t seen a considerable downfall because it isn’t affected by the macroeconomic crypto environment.

CONCLUSION

The Sandbox is a User-Generated-Content platform that allows users to customize their games, and in-game assets and create their content on the system. It is this flexibility and customizable approach that makes it different from other play-to-earn games. All transactions and interactions are done with the help of ERC tokens, and thus they come with the credibility and reputation of Ethereum behind them. This concept is a revolutionary idea in the gaming industry and will surely attract a lot of gamers, and creators with its unique, secure, and lucrative play-to-earn scheme. Designers can mint their content through the in-game VoxEdit platform and sell it on the Marketplace. Full ownership of the content is rightfully provided to the creators, and thus it solves the decade-old problem of ownership and commission-less sales in the industry.

HOW TO INVEST IN THE SANDBOX (SAND) 

Use this three-step process to buy your first SAND token using the CoinDCX, crypto investment app.

  • Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
  • Verify the account: You need to complete your KYC, to buy SAND token on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
  •  Buy SAND: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!

Disclaimer: User Generated Content – Original Content created by a member of BITS Pilani, under the consultation of Dr. Amit Dua, Assistant Professor, Computer Science Department, BITS Pilani, Pilani Campus in association with CoinDCX. The views and opinions expressed within this post belong solely to the author.
Author: Aarya Attrey, Dewang Sharma


 

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