The Dubai government has been one of the early adopters of cryptocurrency and metaverse. In a recent move, the Dubai Virtual Assets Regulatory Authority (VARA) announced purchasing a piece of land in The Sandbox metaverse to develop its virtual headquarters. It aims to reach a borderless audience while improving environmental sustainability and social inclusion – as a virtual headquarter would mean less usage of physical resources to manage its day-to-day activities.
What is The Sandbox
The Sandbox is the third-largest metaverse based on the Ethereum blockchain. It allows users to create, share, and monetize their assets (like real estate) and gaming experiences. People can own assets, play, build, and own their properties and in-game assets in the virtual world. Plus, they can sell such assets and earn real-world money in exchange.
Along with the blockchain, The Sandbox leverages the potential of non-fungible tokens (NFTs) to allow people to experience the virtual world. The NFTs lend the users qualities like scarcity, security, and authenticity.
In traditional games, the rights of gamers are limited. While powerful, virtual gaming is not new, giving the players a chance to monetize and have absolute ownership of their creations is new. This is why The Sandbox was created by Pixowl, a game development company – to disrupt the traditional gaming market.
Besides metaverse, The Sandbox is also known for its mobile gaming hits – The Sandbox (2011) and The Sandbox Evolution (2016). Together, the two games generated have over 40 million downloads. In 2018, Pixowl diversified into the blockchain ecosystem to disrupt existing game makers by giving the creators actual ownership of their creations as NFTs and rewarding them for their participation.
While The Sandbox is far from the only metaverse offering, it is unique in its breadth of the product portfolio. It comprises three products that provide a comprehensive experience to gamers:
These three products put together benefit the gamers by giving them the copyright of their content. Pixowl does this via blockchain and smart contracts.
The Sandbox’s tokens
The Sandbox uses several tokens that make it functional. According to its whitepaper, it uses give tokens. All these tokens are stored on Ethereum and have different token standards.
Before we talk about The Sandbox’s tokens, let’s quickly understand token standards.
Token standards are like an interface or a set of rules, followed by a smart contract so the token can become compatible with a common standard. These standards define how a token can be transferred and recorded.
We’ll discuss three token standards in this article – ERC20, ERC721, and ERC115.
ERC20 token standard introduces fungible tokens – a token with the same type and value as another token. ERC721 token standard introduces NFT – a unique token. ERC115 is a gas-efficient token that can represent multiple tokens simultaneously.
Now, let’s discuss The Sandbox’s tokens:
However, the most important of all tokens is the SAND token – the only token that facilitates transactions.
The Sandbox, however, hasn’t been launched to the public in its entirety; it is still in the alpha stage. The full launch is slated to take place in 2022.
(Edited by : Priyanka Deshpande)
First Published: IST