One of the most exciting topics in 2021 has been the increased focus on the development of the metaverse. Blockchain-based video games have become immensely popular. And there are few platforms that can match what has already been crated in the community-driven virtual world of the Sandbox.
What is The Sandbox?
The Sandbox is an online metaverse that allows users to build, play, own, and profit from virtual experiences. Artists, players, and creators of all kinds are welcome to try their hand at building the environments they’ve always dreamed of. The Sandbox provides them with the tools and services they’ll need to establish their unique projects.
Enthusiasts who play the Sandbox game and complete tasks will be able to earn SAND tokens, the platform’s official cryptocurrency. SAND allows users to garner rewards through staking and by having a hand in governance. Sandbox members can also use SAND tokens to engage in game-based transactions. And those who believe in the promise of The Sandbox can also invest in the platform by purchasing SAND.
Playing to Earn in The Sandbox
The SAND token is an Ethereum-based digital currency designed to work in tandem with the Sandbox universe. The currency has three main functions and allows users to:
- Value transfers: Buy or sell items
- Staking
- Governance: Votings to enhance the Sandbox ecosystem
Users will primarily need SAND to purchase digital plots of land – known as LAND – in the Sandbox metaverse. Developers build their virtual experiences atop these digital plots which then become available for individuals to share.
Users looking to participate or interact with these virtual experiences and related content must pay SAND to earn access. Users who stake their SAND tokens are also eligible to assist in Sandbox governance.
Think of The Sandbox getting as big as games like The Sims, Minecraft, or Roblox and you can imagine the potential that SAND tokens have for early investors.
SAND Price Action: How Far Has the Token Gone?
Per data from Coinmarketcap.com, SAND is trading for $5.35 (as of 12/22/2021) and currently ranks 3rd among metaverse tokens and 37th among all cryptocurrencies. It has a market cap of $4.68 billion and a daily trading volume of around $700 million.
The currency emerged in August of 2020 and was initially trading for only six cents. Sandbox later held an initial coin offering (ICO) that saw the company raise approximately $3 million. Executives said all the money earned would be put towards future operations.
SAND to USD Chart. Image via Coinmarketcap
Price action for SAND jumped in March of this year when the currency experienced a few spikes that saw it trading between 60 and 80 cents. Things would die down in April and May, and the currency would hit a new low of 18 cents in June. The following month, however, SAND would be trading in the 70-cent range. In September of this year, the currency passed the $1 mark.
SAND would hit a few snags in late September and early October. It would fall back into the 70 and 80-cent ranges before crossing the $1 mark again in late October. It would hit $2 on Halloween.
In November alone, the token has made it to an increase of almost 260 percent. The reason for this was likely due to the company's announcement that it would open a part of its metaverse on November 29 via a play-to-earn event alpha lasting several weeks. November 24 would see the token hit an all-time high of $8.40. Since then, the momentum behind SAND has slowed down a bit.
Some Final Thoughts
The Sandbox is an interactive, digital world that helps users get their creative juices flowing to develop virtual experiences that everyone can share and benefit from. It’s one of the biggest players in the world of metaverse blockchain games and many well-known companies already own LAND in the Sandbox space. Among them Atari, Adidas, Binance, and even Shaun the Sheep has settled to release an NFT collection.
The idea of building your own world is very tempting for many people. The fact that you can also earn money by creating content and games is an added advantage. Considering that The Sandbox is still in its infancy and you can't even play it yet, aside from the mentioned Alpha version, the success of the project so far is impressive. SAND is the utility token used as the basis for all transactions and interactions. It is available to trade on a limited number of platforms and if you’re interested in getting your Sandbox journey started, visit SMART VALOR’s dedicated metaverse section.