Last Updated on 2 months by Shubham Attri
The Sandbox tokens are vital to The Sandbox economy as they make it functional and stable by ensuring the circular flow of SAND in the ecosystem. However, if you’re new to The Sandbox Metaverse and don’t know much about the intricacies of it, then here we have explained everything about The Sandbox tokens and the types of Sandbox tokens.
Every Sandbox token has a unique value attached to it which we should know before proceeding further in the Metaverse. If you want to become a stable part of The Sandbox and earn money or create NFTs in it, then deep knowledge of different Sandbox tokens is highly necessary.
According to The Sandbox whitepaper, there are five categories of tokens in The Sandbox economy which are stored on the Ethereum blockchain and carry different token standards. The tokens in The Sandbox Metaverse are ERC20, ERC721, and ERC115 tokens which have different functions in the ecosystem.
Below we have elaborated on different types of Sandbox tokens, their uses, and their importance. So without further ado, let’s uncover everything about The Sandbox tokens today!
What Are The Sandbox Tokens?
The Sandbox tokens are the lifeline of The Sandbox ecosystem over which the whole platform functions. According to The Sandbox Whitepaper, “The Sandbox metaverse uses several tokens to create a circular economy between all the profiles of users who will interact with its platform namely the players, creators, curators, and LAND owners”.
Thus, to be precise, The Sandbox tokens are the ones that make the virtual economy of The Sandbox functional, durable, and stable. As The Sandbox has a token-based economy, you will need The Sandbox tokens to work in the ecosystem.
As such, in the token economy model of The Sandbox where users, creators and, players can buy, rent, hire, vote, stake, etc, all this is possible through tokens only (principally, the native SAND token). Moreover, these tokens are stored on a stable Ethereum blockchain gaining people’s confidence to invest and hold stakes in The Sandbox.
Therefore, if you want to be a part of The Sandbox ecosystem, you would need these Sandbox tokens (precisely, SAND token). To carry out all the important functions in The Sandbox, you should either create, own, or buy The Sandbox tokens with the help of the main utility token. Is it confusing? Well, read further about the type of Sandbox tokens and their uses to clear all your doubts regarding Sandbox tokens.
The Sandbox Tokens And The Types Of Sandbox Tokens
There are a total of five functional tokens in The Sandbox ecosystem and every token has a different utility. All these tokens are built on the Ethereum blockchain which ensures the safety of transactions.
All transactions that occur in the ecosystem are recorded in the blockchain technology leaving no space for duplicity or fraud. Every NFT that you create, sell or buy in the game is stored on the Ethereum blockchain promoting transparency.
So without further ado, let’s see what the different types of Sandbox tokens are.
1. SAND Token
$SAND is the native token of The Sandbox ecosystem acting as the sole currency in the platform. The Sandbox (SAND Token) is an ERC-20 utility token that is built on the Ethereum blockchain through which transactions and interactions take place. This token allows creators and players to exchange assets and other digital collectibles in The Sandbox marketplace.
It is a fungible token (ERC20) and thus, it can be readily exchanged with no change in the utility value. As all fungible tokens have the same value, you can exchange SAND for SAND, and both will have the same worth.
Uses of Sand Token
The SAND token is the primary currency of The Sandbox ecosystem and as such, it has many uses. You can use SAND to Mint Assets, Buy Gems and Catalysts, Acquire Assets, Buy Lands, etc. in The Sandbox.
2. LAND Token
The LAND token is an integral part of The Sandbox ecosystem where people with this token carry the ownership rights to a specific space in the platform. Land tokens are ERC721 blockchain-backed tokens with which you can acquire the ownership rights to a virtual space in The Sandbox. In the Sandbox Metaverse, there’s a map of 166,464 Lands with different dimensions.
People can buy lands and then combine different pieces of adjacent lands to make Estate and districts. With a Land token, a person can participate in the governance of the ecosystem and it has other added benefits too.
Land tokens are NFTs that can be bought and sold in The Sandbox marketplace. And they’re what we call, the virtual real estate investment in The Sandbox Metaverse.
Use of Land Token
With the Land token, you can become an integral part of The Sandbox Metaverse. The land token makes you eligible for taking part in the governance of The Sandbox where you can participate in major decisions taking place by voting. Moreover, you can rent, stake, host, form districts, etc with the Land tokens.
3. ASSETS Token
ASSETS are the ERC115 blockchain-backed tokens representing the virtual assets in The Sandbox ecosystem that can be traded in The Sandbox marketplace or used on land to create additional utility.
As explained by The Sandbox Whitepaper, “ASSETS are virtual tokens for digital
scarcity, security, and authenticity. They are unique/limited as well as distinct and indivisible”.
With the help of the native Sandbox tool, VoxEdit, one can create multiple assets which can be monetized in the platform. All Asset creators have the ownership rights to their unique assets which can be bought or sold in the game.
Use Of Assets Token
The assets that you create, buy, or sell in The Sandbox Metaverse can be put to good use in the ecosystem. Depending on the value of your asset, you can either sell it to earn more money or you can place it on your land to charge value from the people who visit your space in the Metaverse.
GEMS are the ERC20 utility tokens that increase the attribute value of assets in The Sandbox Metaverse. These are burnt-on-use tokens and one Gem can provide 25 attribute points to an asset which is extremely useful in gaming.
There are five attributes that can increase the value of your assets after they are burnt on your asset. Every Gem has a different function that can be applied to an asset, based on your requirements. You can acquire Gems by either staking land or by purchasing them from other users in The Sandbox Marketplace.
Use Of Gem Attributes:
By burning Gems on your Asset, you can boost up the value of your assets up to 25 attributes (the attribute point of one Gem). Moreover, with catalysts, you can increase the value of your assets up to 100 attributes making your asset valuable in The Sandbox marketplace for potential buyers.
CATALYSTS are ERC20 tokens that are burnt on usage and define the scarcity and tier of your asset in The Sandbox ecosystem. With the help of Catalysts, you can add empty sockets to your asset which can then be filled with Gem attributes.
Principally, there are four tiers of Catalysts and all these tiers have a differing value of scarcity and attribute points. The higher the tier, the lower is the scarcity and higher are the attribute points.
Uses Of Catalysts
Catalysts can make your Assets scarce while making them more powerful. If you add different tiers of Catalysts, then the different tiers will add a different value to your assets. By burning a Catalyst on your assets, you can add up to 4 sockets in your assets where the Gems can be placed (the number of sockets will depend on the tier of Catalyst you use).
The Sandbox economy is built on tokens where different tokens having different utility value makes the world of Sandbox more stable and functional. There are five types of tokens in The Sandbox Metaverse, namely, SAND, LAND, ASSETS, GEMS, and CATALYSTS.
The most important token among them is the SAND token which is the sole currency of The Sandbox facilitating transactions and interactions through it. The other most important token in the ecosystem is Land which makes you an integral part of the whole Sandbox while making you eligible to participate in the governance activities on the platform.
Regardless, every token has its own utility value which can’t be emphasized over the other. You need to know how to use them and why to use them if you want to become a true part of The Sandbox Metaverse.