SAND coin – Building a digital future on the Sandbox
People are now buying land from virtual worlds using millions of dollars worth of the SAND coin. For most people, this seems like a completely ridiculous and reckless idea. Yet, savvy investors know that this is the way to the future.
More parts of our daily lives adopt the internet, so we may eventually have virtual spaces we could enter like real-life locations. Some people see it as vacant real estate, so they’ve started acquiring and building properties there. Now, we see major firms join the trend!
You can enter this trend too, but you will first understand what SAND coin is. Then, we will talk more about the Metaverse and one of its most prominent platforms, Sandbox. After that, we will talk about how to invest in SAND coins, so you can see if it’s worthwhile or not.
What is the Sandbox?
SAND coins are an important part of Sandbox, so we will first have to talk about the latter. Sandbox is one of those platforms that’s helping make the Metaverse possible.
The Metaverse made headlines after Mark Zuckerberg announced that his company would change its name to “Meta.” Yet, most people still don’t know what it’s all about.
The Metaverse is the idea of merging virtual spaces with real life. Platforms like Sandbox will make virtual reality or VR so advanced that it would work as a real-life location.
This means people will be able to enter these virtual worlds to perform certain activities. They could meet friends in it and eventually work in the Metaverse.
With Sandbox, people could buy and sell in-game buildings and land. Artists may even create and sell their work as in-game items to earn real-world currency.
The Sandbox was originally a mobile gaming platform by Pixowl. The company created it in 2011 to beat the popular online game Minecraft. That changed in 2018 when its co-founders wanted to create a 3D metaverse on crypto networks.
Sebastien Borget and Arthur Madrid wanted users to own their creations as non-fungible tokens (NFTs) truly so they could earn money while playing Sandbox.
They released the new Sandbox project in 2020, letting it go toe-to-toe with major NFT games like Decentraland and Axie Infinity. In November 2021, it received $93 million from the Japanese mobile firm SoftBank.
It attracted numerous partnerships from other major firms like Atari, the famous NFT CryptoKitties, and the hip-hop icon Snoop Dogg.
The Sandbox has other features, such as a game creator that didn’t need coding skills. Yet, most people know the platform for its SAND coins.
Read More: What is the Metaverse?
What does SAND coin do?
$SAND is a Gaming Token 🎮
.Governance with community DAO
and so much more pic.twitter.com/Bv26E3XgnB
— The Sandbox (@TheSandboxGame) November 6, 2020
As you may have guessed, this is yet another cryptocurrency. It’s a storage of value that runs on decentralized computer networks called blockchains.
The first one is Bitcoin, and it has inspired others to create new financial services. However, the potential of blockchain and cryptocurrency isn’t just limited to “internet money,” though.
With the case of the SAND coin, it enables Metaverse platforms like the Sandbox game. Here are the things you can do with this digital asset:
Access the Sandbox
You will need SAND coins to do pretty much anything in Sandbox. It’s a requirement to play games, buy equipment, and customize your character.
Players may also earn SAND tokens while playing the game. Meanwhile, content creators need to buy ASSETS and LANDS, two other assets found in Sandbox.
Artists in this platform acquire GEMS, another Sandbox token that defines the Scarcity and Rarity of in-game items. They also need some SAND coins ready for posting the ASSETS to the Marketplace.
Vote on the Sandbox
There are three types of cryptocurrency tokens: security, utility, and governance. The SAND coin serves the third function as it allows its holders to vote on changes to the blockchain.
This gives power to the users of a crypto network, so they’re more likely to keep participating in it. Specifically, SAND coin holders get to vote on important issues related to Sandbox.
For example, they could vote on the game creators and artists who should receive grants from the Sandbox Foundation. They may also assign voting rights to other players.
Is SAND coin a good investment?
Got 🏞️ LAND? Got $SAND?
— The Sandbox (@TheSandboxGame) November 12, 2021
We can now talk about the SAND coin as an investment option. Before we do that, we will have to talk about the difference between a crypto coin and a token.
A coin belongs to an independent blockchain, such as Bitcoin (BTC) and Ethereum (ETH). On the other hand, tokens are built on other networks. The SAND coin is a token, though.
It’s built on the Ethereum blockchain. I kept on mentioning it as a coin because most people refer to any cryptocurrency as a coin.
We will refer to SAND tokens as SAND coins just for this article. Note that the correct term is SAND token. Knowing the difference between coin and token is a major factor in choosing crypto investments.
If you add a token to your portfolio, its value is more likely to swing because of its host blockchain. If the ETH price moves, the SAND coin price may also follow.
The battle is making investors nervous, so the value of stocks and cryptos has crashed. Gold is a well-known inflation hedge, but even its value is starting to drop.
That might be bad news for those already holding these assets. If you don’t have any SAND coins yet, this might be a great opportunity to buy some while the price is low.
Other ways to invest in SAND tokens
🙌 A further 1.5m $SAND has been added to the Liquidity Mining pool – running until Feb 26th 2021!
— The Sandbox (@TheSandboxGame) January 26, 2021
When most people think of investing, they think of the “buy low, sell high” strategy. You buy an asset while the value is low, then sell it once the price rises again.
Little do they know that you have more options with cryptocurrency. For example, the Sandbox lets you invest in cryptos as if it were real estate. You may buy some land, develop it, then sell it once demand goes up.
What’s more, you could use SAND coins like savings in the bank. Staking lets you deposit a certain amount of cryptocurrency so that you can earn a bit more every day.
You can do that on various crypto exchanges, especially the biggest one called Binance. Some decentralized exchanges or DEXs also accept them for yield farming.
When you supply a DEX with cryptos, it will use it for user exchanges. This allows the exchange platform to maintain its services, and you may get more cryptos in return.
You might want a method that can provide greater rewards. In that case, you might want to try using crypto futures contracts. It’s when you invest based on whether or not a crypto’s value will go up or down.
Note that this is a highly risky method that may cause you to lose so much money. On the other hand, it can also be a great way to earn huge profits in a short amount of time.
This article is not meant to provide investment advice. Make sure you have clear goals for investing in any asset, whether it’s a cryptocurrency or more conventional options.
Also, make sure you understand how your investment option will work once you hold it. That way, you can make better decisions in building your portfolio.
You may start by reading more Inquirer USA articles. Those will keep you up-to-date with the latest in finance and investments. Think outside the SandBox by looking at other cryptos.