Summary:
- What is The Sandbox Platform and how does it work?
- Advantages of The Sandbox exchange.
- The Sandbox’s past, present and future price positions.
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The Sandbox Platform
The Sandbox platform was launched by Pixowl in 2011. It is a block-chain based virtual world that allows users to create, buy, build and sell digital assets in the form of a game. The combination of decentralised autonomous organisations (DAO) and non-fungible tokens (NTFs) the Sandbox creates a decentralised platform for a gaming community that thrives.
In accordance with the whitepaper, the Sandbox platform’s main mission is to successfully introduce blockchain technology into mainstream gaming. The platform's focus is on facilitating a “play-to-earn” model creatively, which allows users to be both gamers and creators simultaneously.
The power of blockchain technology for the Sandbox came with the introduction of the SAND utility token, which facilitates the platform's transactions. There are a maximum number of 3 billion SAND tokens, 1.26 billion of these are currently in circulation. The current market capitalisation is more than $1.485 billion.
The Sandbox platform was built on top of the Ethereum blockchain and it is secured with the proof-of-stake consensus algorithm, the SAND token is a standard ERC-20 token, this means owners can stake it and benefit from its staking rewards.
Sandbox’s Uniqueness
The Sandbox is unique due to the fact that it introduces blockchain technology to the gaming world. The gaming industry is largely untapped when it comes to blockchain technology adoption. Pixowl took advantage of this and they created a universe whereby gamers can collect and create blockchain-based assets, the Sandbox aims to revolutionise this market and make a niche for itself in the global gaming market.
The Sandbox creates a metaverse of involved players who contribute to the platform's further development through focusing on user-generated content. In addition, by creating their SAND token, they decentralised their governance and allowed users to share their ideas and views about the project's development.
The Sandbox is made up of 3 products:
- VoxEdit, which allows users to animate and create 3D objects in the metaverse such as tools, people, animals and more. These objects are referred to as ASSETS and use the ERC-1155 token standard, this allows for both Non-fungible and fungible tokens to be minted with a single smart contract.
- The Sandbox marketplace, a place where users can sell and publish their assets after first uploading them to the InterPlanetary File System (IPFS).
- The Sandbox Game Maker allows users to create 3D games for free.
Advantages of the SAND network
- The Sandbox idea is original, and goes far beyond the mere decentralisation of gaming on the blockchain. It revolutionises the idea of building a complete and total gaming universe on the Ethereum blockchain.
- The Sandbox tokens are far beyond being just assets.
- The Sandbox’s decentralised protocol makes it simple for its users to sell, buy and trade different products and services within the Sandbox metaverse.
- Sandbox has put the NFTs to good use within its platform. The NFTs used on the Sandbox platform turn each virtual world object and land plot into a unique property that becomes an income generator for its owner.
- Thes NFTs mentioned above mixed with the decentralised protocol present in The Sandbox ensures the safe and secure ownership of the assets in the universe.
- All users can engage in governance.
- The Sandbox regularly uses the AMA (Ask Me Anything) format for the education of the platform's community.
Past, present and future prices of The Sandbox network (SAND)
During the last quarter of 2020 and the first month of 2021, the price of the Sandbox’s SAND token began to rise, hitting its first spike in March of 2021, the price reached $0.83 this first spike was then followed by a small decline. After its first peak in 2021 the price began to climb at a staggered rate, reaching its second peak during November of 2021, the price reached as high as $6.7.The second peak was followed by a staggered, but steady decline.
Over the past few months, the markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, SAND does fall under this category.
According to some analysts, the future price of The Sandbox networks (SAND) could reach up to $5 by 2026 and could see a price of more than $10 by 2032. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.
SAND Price Chart
Sources: coinmarketcap.com, finance.yahoo.com, leofinance.io, gemini.com, coinpriceforecast.com
