Last Updated on 2 months by Shubham Attri
The prices of The Sandbox token keep on fluctuating. Sometimes it reaches heights and sometimes, it’s just average. But wait! You don’t know what The Sandbox token is? Well, don’t worry! Here we have covered everything that you need to know about The Sandbox Token. Keep reading to find out what is the Sandbox token and how it works!
The Sandbox Metaverse is setting its remarkable footprints in the digital era encompassing all the elements of the physical world. With SAND prices reaching new heights, possible investors are looking for the opportunities this platform offers.
Decentraland and The Sandbox are breaking records when it comes to Metaverse. The soaring growth is sweeping the interests of the masses and new people are trying to invest in the same. People who had invested a mere $500 in The Sandbox at the beginning of 2021 are millionaires by now and it isn’t as surprising as it should be.
To invest and make money in The Sandbox ecosystem, you need to have SAND Tokens. These tokens are the lifeline of the platform as crucial economic functions are carried through them. Thus, to become a part of The Sandbox Metaverse, you need to have SAND tokens and enough knowledge of how to use them effectively. So without further ado, let’s dive deeper and uncover everything about The Sandbox token!
What Is The Sandbox Token?
The virtual economy of The Sandbox Metaverse revolves around The Sandbox (SAND) token which acts as the sole currency in the ecosystem. All trading in the Sandbox Metaverse takes place through the $SAND token which links creators, buyers, curators, and LAND owners in The Sandbox ecosystem allowing a circulating flow of tokens giving a solid foundation to the virtual economy of this digital landscape.
Essentially, 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.
Thus, you need to have SAND tokens to become a part of The Sandbox Metaverse and take part in essential community activities.
Moreover, you’d be surprised to know that SAND tokens aren’t the sole tokens in The Sandbox Metaverse. There are other tokens built on the Ethereum blockchain that have other uses in The Sandbox.
Types Of Tokens In The Sandbox
- SAND: The SAND token is the native currency of The Sandbox ecosystem that is built on the Ethereum blockchain.
- LANDS: There are a total of 166,464 lands on the Sandbox Metaverse which are the physical spaces in the ecosystem. These lands are owned by players that can monetize them or use them to create their own games.
- ASSETS: Assets are created by creators on Voxel which can be later traded in the metaverse marketplace after they are converted into ERC1155 tokens.
- GEMS: Gems are ERC20 utility tokens that define the attributes of assets.
- CATALYSTS: Catalysts are ERC20 utility tokens that define the scarcity and tier of assets.
This was all about the total number of tokens available in The Sandbox Metaverse.
Now, let’s see how how you can acquire SAND Tokens, the native currency of The Sandbox Metaverse. If you want to get your hands on SAND Tokens, then here’s what you need to know! There are many ways by which you can earn or purchase SAND Tokens and we have carefully listed them below.
Ways To Buy Sandbox Tokens?
Wondering how to buy Sandbox tokens? We have just the answer for you!
Anyone wishing to be a part of The Sandbox ecosystem can purchase or earn SAND tokens. All creators, players, landowners, gamers, and investors can acquire SAND tokens through a number of ways, namely-
- By Selling Assets
- By Staking SAND
- Event Rewards
- By Selling Gems and Catalysts
- By Selling Lands
- By Renting Lands
- By Staking SAND in your own land.
By these above-mentioned ways, you can earn or purchase SAND tokens which can be later on put to good use inside the game or outside (by investors, especially). Once you acquire the SAND tokens, you can then invest or purchase land with them in The Sandbox ecosystem.
Where To Use Sandbox Tokens?
After having SAND tokens in your wallet, you can use them in a number of ways to boost your income in The Sandbox Metaverse.
The acquired SAND tokens can be used in multiple ways in The Sandbox ecosystem, namely-
- For Minting Assets
- For Buying Gems And Catalysts
- For Acquiring Assets
- For Buying Lands
- For Publishing Games
- For Combining Lands in Estates
- For Acquiring SAND on Exchanges
This buying and selling of SAND tokens in The Sandbox Metaverse makes it a well-functioning ecosystem while creating a real-utility value providing everyone with an incentive to earn.
Accordingly, this buying and selling activity in the ecosystem leads to the healthy circulation of SAND. To better understand the flow of SAND in The Sandbox ecosystem, clearly look at the image we have provided below. The circulation of the SAND token is explained in a detail in the given image so make sure to analyze it in order to clearly understand how The Sandbox economy functions through the utility token of SAND.
Uses Of Sandbox Token
Sandbox (SAND) tokens are the lifeline of The Sandbox ecosystem as the virtual economy won’t function without it. Below we have curated the essential uses of Sandbox tokens which signify their importance.
- To Access The Sandbox:
To become a part of The Sandbox Metaverse, you need to have SAND tokens. With SAND tokens, you can buy land and acquire assets in the Metaverse ecosystem.
- For Staking:
By Staking, you can earn passive revenue on your Lands. You can get valuable Gems and Catalysts if you participate in it.
- For Governance:
With the DAO structure, one can participate in the governance of The Sandbox with the SAND token which also acts as a governance token. You can exercise voting rights to participate in the key changes taking place on the platform.
Where To Buy Sandbox Token?
Want to buy Sandbox tokens but don’t know where to look? Well, this is what you need to know!
You need to be registered with an authorized Crypto exchange in order to buy Sandbox tokens. Below we have mentioned a list of popular crypto exchanges where you can buy SAND tokens.
A growing number of people are looking forward to becoming a part of The Sandbox Metaverse and it’s clearly visible from the skyrocketing growth of the platform. This growth has only increased with the release of The Sandbox Alpha where increasing people are trying to invest in the SAND to reap profits.
If you’re one such user who’s new to The Sandbox Metaverse, then we hope that our session on the SAND token was able to help you out.
SAND is the native currency of The Sandbox through which all transactions take place. And as such, SAND tokens are vital for the digital economy of The Sandbox ecosystem. If you wish to buy SAND tokens, then you do the same at prominent Crypto exchanges like Gemini, WazirX, Bitmart, etc.