The Sandbox: Here’s all you need to know about the third-largest metaverse by market cap

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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.

The Sandbox: Here’s all you need to know about the third-largest metaverse by market cap
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:
  1. VoxEdit: It allows users to create and animate 3D objects. These objects are called assets and use the ERC-1155 token standard. This standard allows the minting of both fungible and non-fungible objects with a single smart contract. While non-fungible tokens are divisible and unique, fungible objects are not unique and can be exchanged for another asset.
  2. The Sandbox Game Market: It allows users to create 3D games for free.
  3. The Sandbox Marketplace: It is a place where users can sell their assets (after uploading them on an interplanetary file system – a protocol used for storing and sharing any type of files).
  4. 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:
    1. SAND: It is an ERC20 token, and it powers all of The Sandbox’s transactions and interactions. You need it to do everything on this metaverse – play games and customize your avatar, buy and sell your digital assets and make even more SAND and other tokens.
    2. LAND: Users with LAND tokens have ownership rights to a specific place on the platform. These are based on the ERC721 standard, which allows you to acquire ownership. It allows you to rent, stake, host, and form districts. It also makes you eligible for governance activities.
    3. ASSETS: It is an ERC115 token for scarcity, security, and authenticity. These tokens are unique, non-divisible, and limited.
    4. Catalysts: Catalysts are also ERC-20 tokens that can make your ASSETS more powerful. It defines the scarcity and level of your assets. Tiers can be ‘common’, meaning the assets are least scarce, or ‘legendary’, meaning assets are the most scarce.
    5. Gems: Gems are also ERC-20 token; the difference is it is burned when you use them in The Sandbox. You can acquire more Gems by staking SAND or purchasing it from other players.
    6. 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.
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