[Expert Analysis] An in-depth review of the Sandbox land Metaverse
Sandbox Land Metaverse and Onions
The Metaverse is a finite ecosystem housing infinite ideas. Primarily, it is a digital space created to allow people to build, sell items and properties, play games and do a lot more.
Since its debut, the technology has experienced several hypes and defining moments. Nothing has driven that hype more than the vast property transactions worth millions of dollars taking place in the metaverse. Sandbox is a blockchain-based decentralised metaverse at the centre of this virtual boom.
Over the years, the gaming industry has lacked originality, with creators earning no rewards for their contributions. Claiming ownership of creations has also been uphill, reducing the sense of inclusion in this dynamic industry.
Sandbox envisions disrupting the existing modus operandi of the gaming industry by providing creators and contributors actual ownership of their intellectual properties through Non Fungible Tokens (NFTs) and a utility token called SAND.
Welcome to the Sandbox
The Sandbox is a virtual world built on the Ethereum blockchain. The platform creates an ecosystem for players to build, own and monetize their gaming experiences. Notably, all activities in this virtual world are driven by the platform’s native token, SAND.
The SAND token
An integral unit of the Sandbox platform is the SAND token. SAND embodies the overall utility that Sandbox envisions to create. SAND is the medium of transaction within the Sandbox metaverse, operating with a tied value to the platform objectives. Several doors can be opened with SAND in the Sandbox world as with any utility token
Utility of the SAND Token
- Platform access: SAND is the universal key to play games, purchase upgrades, and customize characters on the Sandbox platform. It is also a form of reward for gameplay. Creators spend the token to acquire lands for uploading their assets and earn multiple returns of the same token.
- Administration: The Sand token allows the holder to contribute to the platform’s control through a Decentralized Autonomous Organization (DAO) protocol. The token gives them the power to exercise voting rights that shape the overall platform outlook.
The Sandbox is a large tract of space in the metaverse and at its core is the Land and asset. The Land is a virtual piece that forms the foundation for building thrilling and interactive games and experiences in the metaverse. Owning lands in the Sandbox enables investors to acquire games and assets representing a distinct token on the Ethereum blockchain.
We can argue that owning Lands in the sandbox is the best investment in recent times. Earning tokens, creating authentic gaming experiences, and hosting multiple events becomes possible by holding a Land in the Sandbox metaverse. Notably, the Sandbox is finite, having a capped total of 166,464 parcel units. These total parcels are grouped into two distinct categories that are highlighted below;
- Land unit: The Land represents a Sandbox parcel of dimension 96 x 96 meters in the game world. This site was designed to deliver an optimal gaming experience for a single investor.
- Estate: Aligning with the literal definition, the Sandbox Land estate is a combination of unit parcels optimized to deliver a more immersive virtual experience for teams and collaborators in the metaverse.
Price and Market of Sandbox metaverse land
As reported by Sandbox, more than 15,000 users have their wallets registered to the project and a community of 750,000+ people across all social media platforms. The market is increasing, with new NFT and SAND holders coming up daily.
Unsurprisingly, the large market size translates to aggressive market action in the metaverse real estate industry, with the industry boasting a potential of generating $1 trillion a year.
For such a relatively young platform, Sandbox has witnessed some mind-blowing transactions. The current milestone for the highest-selling property in the Sandbox metaverse stands at $4.3million, sold by Atari video game to the Republic realm.
All pointers from the economic perspective of the Sandbox land strengthen the widely-held belief of the metaverse being the most significant innovation in the technological ecosystem in recent times.
The floor market price for Sandbox Metaverse land is around 10ETH, which is about $30,000 in today’s market(nonfungible.io). However, it is imperative to note that various factors such as location and size affect the prices of Sandbox metaverse land.
Sandbox NFTs: Not just an art
Non-Fungible Tokens took the blockchain ecosystem by storm and quickly became a forerunner across the technology’s value chain—NFTs drive gaming in the Sandbox world. Through NFTs, virtual scarcity, security, and authenticity are established in the Sandbox Metaverse Land.
The existent unrewarding model of the gaming industry is revolutionized through Sandbox’s NFTs. Gamers can now buy and sell freely without concerns of rip-offs or loss.
Gamers can now claim actual owner ownership of their items and assets irrespective of the game’s status. Trading digital gaming assets and shared funds for upgrades is also established through Sandbox NFTs.
Opening up the Sandbox ecosystem to greater dynamism is a crucial merit of the NFT protocol. Holders have access to sharing and collaboration across land assets and other Sandbox elements-eliminating the narrow digital ecosystem of the virtual gaming industry.
A space among stars
Several huge brands and celebrities have worked with the Sandbox land project in various capacities. These brands and personalities include Adidas, Snoop Dogg, Walking dead, and Gucci. In February 2022, Gucci acquired land in the Sandbox to create themed experiences for fashion lovers.
The presence of these brands and big names has successfully increased the traction and utility of buying a Sandbox land.
On the 3rd of December, 2021, an NFT collector paid $450,000 to be snoop dogg’s neighbour in Sandbox Metaverse. The rapper is developing a virtual interactive world in the Sandbox called the Snoopverse.
The purchase is not a one-off purchase; more investors are expected to be driven into the Sandbox ecosystem through the participation of notable brands and celebrities.
This is just the beginning of the Sandbox land metaverse from the technological and economic perspective. For investors, you are still early!