SAND is the native token created by the publisher of The Sandbox, a play-to-earn blockchain game similar to the DeFi version of Minecraft and Roblox. SAND allows players to build a virtual world using non-fungible tokens (NFTs) on the Ethereum blockchain. Players can create their own NFTs to access the different games and hubs on The Sandbox metaverse.
Read on for our deep dive into the Sandbox Virtual World, the Sandbox SAND tokens, and learn how the world works and how to buy the Sandbox crypto.
Step #1: Select a Crypto Exchange
Sandbox’s SAND tokens are available on a growing number of cryptocurrency exchanges, including:
Visit the market page on CoinStats to view the exchange platforms supporting SAND. Compare the exchanges’ security, user experience, fee structure, supported crypto assets, etc., to choose the one with the features you need, such as affordable transaction fees, top-notch security, high trading volume, an intuitive platform, round-the-clock customer service, etc. Also, consider whether the cryptocurrency exchange is regulated by the Financial Industry Regulatory Authority (FINRA) and allows you to buy crypto using your preferred payment method.
To trade cryptocurrencies, you must use a centralized or decentralized crypto exchange, so let’s look into the details of each type below.
Centralized Exchange
A centralized crypto exchange or CEX, such as Coinbase, eToro, Binance, etc., functions as a middleman between buyers and sellers and charges specific fees for using their services. Most crypto transactions are conducted on centralized exchanges, allowing users to buy and sell cryptocurrencies for fiat currencies such as the US dollar or digital assets like BTC and ETH. Centralized exchanges require their users to follow KYC (know your customer) and AML (anti-money laundering) rules by providing some information and personal identification documents. However, the drawback of trading on a CEX is that it’s highly vulnerable to hacking or cybersecurity threats.
Decentralized Exchange
On the other hand, a decentralized exchange (DEX), like Uniswap, SushiSwap, Shibaswap, etc., is a non-centralized alternative to a centralized exchange and isn’t governed by any central authority. Instead, it operates over blockchain and charges no fee except for the gas fee applicable on a particular blockchain, i.e., on the Ethereum blockchain. Decentralized exchanges use smart contracts to let people trade crypto assets without needing regulatory authority. They deploy an automated market maker to remove any intermediaries and give users complete control over their funds. This method is safer since no security breach is possible. However, decentralized exchanges are less user-friendly in terms of interface and currency conversion. For instance, they don’t always allow users to trade crypto with fiat currency; users have to either already own crypto or use a centralized exchange to get crypto. Another drawback of decentralized exchanges is that it has failed to achieve liquidity levels comparable to centralized exchanges. It also takes longer to find someone looking to trade with you as DEX engages in peer-to-peer trade, and if liquidity is low, you may have to accept concessions on price and quickly sell or buy low-volume crypto.
You can list anything on a DEX, which means you have access to new, in-demand assets while also taking on more risk.
Step #2: Create an Account
After you’ve chosen a cryptocurrency exchange that suits your investment needs, you must register with the exchange using a valid email or mobile number. A link will be sent to your address, and you must click it to verify your account. Once the account is activated, you must create an elaborate password, and you’re good to go.
Some exchanges have strict KYC and AML requirements, and in order to get verified, you must provide personal information such as:
- Full name
- Residential address
- Date of Birth
- ID Document.
In some cases, you might also need to upload a selfie or undergo video verification to finalize the verification process.
Once your identity verification is complete, it’s recommended to activate two-factor authentication (2FA) for an extra layer of security.
Step #3: Deposit Funds
The next step is to deposit funds into your account. Many crypto exchanges support fiat currencies like USD, EUR, etc. Simply select your preferred deposit method, such as a bank transfer, wire transfer, credit or debit cards, e-wallets, PayPal, etc., and the currency you wish to deposit. Tap on “Deposit Funds,” enter the amount you want to deposit and click “Deposit.”
Some deposit methods are extremely fast, while others, depending on the amount, require a confirmation from authorities. Remember to evaluate the fees of different deposit methods since some have larger fees than others.
Linking your debit card to your crypto account is advantageous as it lets you make instant or recurring purchases, but be aware that it attracts an additional fee.
It’s usually free to make a bank transfer from your local bank accounts, but you should still double-check with your exchange.
SAND can be traded for another cryptocurrency or a stablecoin; the trading pairs vary between exchanges. So, you must search for SAND on the spot market to select a pair from the list of available trading pairs.
Step #4: Buy SAND
Follow the steps below to place a market order to buy SAND instantly at the current market price:
- Click the search bar, enter SAND, and select “Buy SAND” or the equivalent.
- Select a trading pair you wish to buy SAND against
- Choose the payment method, the currency you wish to use, and input the amount of SAND or the fiat amount to be spent. Most exchanges will automatically convert the amount to show you how many SAND tokens you’ll get.
- Double-check the transaction details and click “Confirm.”
- The SAND tokens will be displayed in your balance once the transaction is processed.
You can also place a limit order indicating that you want to buy SAND at or below a specific price point. Your broker will ask you the number of coins you wish to acquire and the maximum price you’re ready to pay for each once you’ve placed an order. The coins will only appear in your wallet if your broker fulfills your order at or below your requested pricing. The broker may cancel your order at the end of the day or leave it open if the price increases over your limit.
If you’re planning to keep your newly purchased coins for an extended period, we highly recommend securely storing them in a hardware wallet.
To trade SAND on spot markets, go to the Trade page and search for the SAND pairs (SAND/USD or SAND/USDT). Select the trading pair and check the price chart. Click “Buy SAND,” select the “Market,” enter your amount or choose what portion of your deposit you’d like to spend by clicking on the percentage buttons. Confirm and click “Buy SAND.”
Congratulations on adding SAND tokens to your crypto portfolio!
Step #5 (Optional): Store SAND
While your SAND tokens can be stored in your brokerage exchange wallet, experts highly recommend storing your precious coins away from exchange wallets, as those might be susceptible to hacks and interference.
We highly recommend creating a private wallet with your own set of keys. Depending on your investing preferences, you might choose between software and hardware wallets:
Software Wallets
If you’re looking to trade SAND regularly, software or hot wallets provided by your selected crypto exchange will suit you. The strength of software wallets lies in their flexibility and ease of use. A software wallet is the most easy-to-set-up crypto wallet and lets you easily interact with several decentralized finance (DeFi) applications. However, these wallets are vulnerable to security leaks because they’re hosted online. So, if you want to keep your private keys in a software wallet, conduct due diligence before choosing one to avoid security issues. We recommend a platform that offers 2-factor authentication as an extra layer of security.
Examples of software wallets include CoinStats Wallet, MetaMask, Coinbase Wallet, Trust Wallet, and Edge Wallet, amongst others.
Hardware Wallets
Hardware or cold wallets are usually considered the safest way to store your cryptocurrencies as they offer offline storage, thereby significantly reducing the risks of a hack. They are secured by a pin and will erase all information after many failed attempts, preventing physical theft. Hardware wallets also let you sign and confirm transactions on the blockchain, giving you an extra layer of protection against cyber attacks. These are more suitable for experienced users who own large amounts of tokens.
Ledger hardware wallets are arguably the most secure hardware wallets letting you securely manage your digital assets. The Nano X is designed for advanced users and offers more storage space and advanced features than Ledger Nano S, designed for crypto beginners.
A hardware wallet is more expensive than a hot wallet, with prices ranging between $50 – $200.
Examples of cold wallets are Trezor Model T, Ledger Nano X, CoolWallet Pro, KeepKey, Ellipal Titan, and SafePal S1, amongst others.
Step #6 (Bonus Step): Track SAND Tokens
The crypto market is volatile, and managing your portfolio could get tricky if you hold multiple assets. Utilizing a portfolio tracker will help you keep track of your SAND tokens and all your crypto investments from one platform at all times. CoinStats offers one of the best crypto portfolio trackers in the market; you can find more information here.
You can also monitor the profit, loss, and liquidity of SAND across several exchanges on CoinStats.
CoinStats supports over 250 cryptocurrency exchanges and over 7,000 cryptocurrencies. It offers charting tools, analytical data, advanced search features, and up-to-date news. Here you have the opportunity to connect an unlimited number of portfolios (wallets and exchanges), including:
- Binance
- MetaMask
- Trust Wallet
- Coinbase
- Kraken
- Kucoin
- Bitstamp and 500 others.
To connect, go to the CoinStats Portfolio Tracker page and:
- Click Add Portfolio and Connect Wallet.
- Click the wallet you want to connect to (e.g., Ethereum Wallet).
- Input the wallet address and press Submit.
How to Buy SAND on Binance and Other Exchanges
Binance is one of the most popular crypto exchanges where you can buy SAND. It’s based in the Cayman Islands and is the largest cryptocurrency exchange in the world by trading volume. Binance charges low trading fees and facilitates crypto-to-crypto trade in over 500 cryptocurrencies and virtual tokens. On August 5th, 2020, the Sandbox launched its primary token sale on the Binance Launchpad, and SAND has been available on the exchange since August 14th of the same year.
Go to the right side of the screen, type “SAND” on the search bar to open up a list of the available SAND trading pairs. You can trade SAND tokens on Binance in the following pairs: SAND/BTC, SAND/USDT, SAND/BNB, and SAND/BUSD.
Follow these steps to start trading SAND tokens on the Binance platform:
- Open an account on the Binance cryptocurrency exchange.
- Select the Buy Crypto button on the top of the Binance Home Page.
- Choose your preferred fiat currency.
- Select the quantity of fiat currency for your crypto purchase.
- Select the crypto coin you wish to buy and confirm all the relevant details.
- Select a payment option, i.e., your bank account, a wire transfer, a credit/debit card, etc.
If you want to buy cryptocurrency using your credit card or your Binance wallet, you must first verify your identity.
When using your Binance Cash Wallet, you’ll be directed to deposit your fiat cash first. The final confirmation box will show up once you click the button.
After purchasing BTC, USDT, or BNB, go to “Trade” and pick “Classic.”
Exchange on UniSwap
If you have ETH, DAI, etc., you may easily exchange them for Sandbox SAND tokens on Uniswap, Gate.io, LATOKEN, etc.
Detailed instructions are available on UniSwap’s official website. Alternatively, a crypto wallet, such as MetaMask, provides a swap feature.
The Sandbox Ambassador Program
As a Sandbox Ambassador, you will have the opportunity to interact with other members of the SAND community. You will be expected to educate the community, manage the program’s channels, share your knowledge and feedback on various products, etc. Sandbox Ambassadors will be rewarded in SAND.
Obtaining SAND via Community Airdrops
The Sandbox DAO or The Foundation might decide to provide its community with regular $SAND airdrops to promote and drive innovation in The Sandbox ecosystem.
When used with the VoxEdit ASSET creation tool or the Game Maker drag and drop game builder, $SAND allows users to create truly immersive and engaging experiences.
Winning SAND in Contests
The Sandbox runs contests, challenges, and sweepstakes on its social media channels to promote its offerings regularly. Followers are offered the option to participate and get SAND rewards. There are also numerous possibilities to obtain some $SAND for free by participating in the community events and activities.
Obtaining SAND Through the Sandbox Referral program
On your “Me” page, on your account, there’s a special tracking link, which allows you to earn referral money for everyone who registers an account and makes a purchase on The Sandbox. For a 30 day period, you will get a commission of 10% of ALL purchases made by any referred account. So, if you recommend The Sandbox to a friend or colleague, be sure that they sign up using your unique link.
There will be no human participation in the procedure, i.e., all commissions will be paid automatically via smart contracts.
What You Need to Know About SAND
The Sandbox (SAND) is a gaming platform and a virtual world built on the Ethereum blockchain that allows players to monetize their gaming experiences. Players create blockchain-based assets in the form of NFTs and use them to build unique gaming universes utilizing various features such as water, dirt, people, technology, etc. These items may be collected, traded on the internal market, swapped with other players, and used to entice others to play the game you’ve established on your property. Sandbox, in other words, provides a decentralized and straightforward platform to users to create rich voxel worlds and gaming experiences and also safely store, trade, and monetize the produced material.
Sandbox has taken the gaming industry by storm, with more than 40 million downloads worldwide. It was initially launched in 2011 by Pixowl. In 2020, the co-founders Arthur Madrid and Sebastien Borget released the new Sandbox project, a 3D metaverse on the blockchain, to let users truly own their creations as NFTs and earn rewards while participating in the Sandbox ecosystem.
The platform comes with three key built-in tools:
VoxEdit allows you to design and animate voxel objects. These are ERC-1155 ASSET tokens, either ordinary or NFT. It’s expected that these game components will be exported to other games in the future, such as Minecraft.
Game Maker allows users to design their own 3D games and interactive installations without any programming skills. It also lets players develop ASSETs or digital assets (in the form of Non-Fungible Tokens, or NFTs), submit them to specialized marketplaces, and drag and drop them to create gameplay. Creators may monetize their games by using NFTs developed through VoxEdit.
However, this tool is only accessible in the Windows version.
The Marketplace serves as a trading platform for exchanging goods that have been pre-loaded into IPFS.
The Sandbox aims to let players build, own, and monetize their gaming experience using SAND, an ERC-20 utility token. SAND is the Sandbox ecosystem’s primary token and native cryptocurrency. Within The Sandbox metaverse, SAND allows users to play games, buy building materials, customize their avatars, purchase LAND, or trade ASSETS on the Sandbox Marketplace. SAND is also a governance token. SAND holders can propose and vote on changes to the platform through a Decentralized Autonomous Organization (DAO) structure. They can also stake SAND to earn rewards, including a share in the revenue from all transactions in SAND tokens.
SAND has a total market value of USD 3,000,000,000. The SAND coin isn’t designed to be a stablecoin. The price of SAND varies according to supply and demand and several other market factors. It’s determined by the success of the game and the condition of the ecosystem as a whole. If the game becomes more popular, more individuals will want to purchase Sand in order to acquire land and other in-game assets, resulting in a rise in the price of Sand.
A company reserve held around 25% of the total token supply. 17.18% went to the token’s seed sale; the founders and team members received roughly 31% of the overall token supply; around 12% of the total supply was set aside for the Binance Launchpad Sale, with the remaining 10% going to advisors.
Where and How to Use SAND
SAND serves as the medium of exchange in the Sandbox ecosystem and is essential for any purchases on the Sandbox marketplace.
The following items can be purchased with SAND:
- LAND
- ASSETs
- gems and boosters
- Avatar settings
What Is LAND
On The Sandbox platform, LAND is a virtual land or a piece of real estate. It’s a one-of-a-kind ERC-721 token on the Ethereum blockchain. The Sandbox contains more than 160K LANDs, available for purchase using SAND and ether (ETH) via public LAND sales.
Players may monetize their game experience using LAND, i.e., charge other players who visit their LAND or play their games, receive SAND rewards by hosting content and events, and sell or rent their personalized LAND. Players may purchase LANDS and use the Game Maker tool to create their own versions of games utilizing ASSETS. They can also combine many LANDS to create an ESTATE.
What Are ASSETs
ASSETs are NFTs created by the user, i.e., voxel assets developed with VoxEdit and submitted to The Sandbox Marketplace, where they turn into NFTs and become available for purchase.
ASSETs can be used in various ways during the game, i.e., to customize the avatar’s appearance by attaching clothing or weapons, etc. There are physical assets, such as a structure, a moving animal, or an automobile, and environmental assets.
ASSETs may be used to create one-of-a-kind gaming experiences for individuals who develop their games using the Game Maker.
SAND holders can participate in the governance of the Sandbox platform. To post their voxel works on The Sandbox and earn money, voxel artists will need SAND tokens. SAND is also used in staking. Users obtain high-level gems and game boosters in exchange for their participation.
Some of the games on the Sandbox platform are free (F2P). Game creators reserve the right to charge players a modest number of SAND tokens for every game at their discretion. By participating in games, players have the chance to gain SAND.
Depending on your needs, you can also use SAND to employ game designers and artists to work on projects or develop ASSETS for your project.
Some game developers may give away SAND as a reward for participating in contests hosted on their LAND.
Crypto Wallets That Support SAND
- Supports more than 1,500 different digital assets and a large number of coins
- Cutting-edge security features
- Minimalistic design
- Nice and straightforward interface
- One of the cheapest in the market.
- Secure, open-source mobile app with biometric integration
- Purchases with debit or credit cards and cash allowed
- Protected by encryption, biometrics, pin codes, and open-source programming
- Low latency and quick bitcoin transactions.
- Users have control over their private keys
- Compatible with Ledger Nano S and Trezor hardware wallets
- Compatible with the Changelly cryptocurrency exchange
- Token swapping allowed
- Users can store any bespoke ERC 20 tokens they create
- Includes a large number of instructional resources
- Web-based access to the system; offline transactions supported.
- Free and simple to download
- Stores a large number of different cryptocurrencies
- Allows staking numerous digital assets and earning rewards
- Users have control over their private keys; the wallet’s servers don’t keep any information on the private keys
- Compatible with both iOS and Android.
How Secure Is The Sandbox Network
The SAND token is built on the Ethereum blockchain and is secured by a Proof of Stake consensus mechanism that doesn’t need vast amounts of electrical power or specialized computer gear to validate transactions. Proof of Stake transactions are more secure than the Proof of Work validations because validation is secured by a larger group of users, not just those engaged in mining.
Why You Should Buy SAND
The Sandbox is an interactive virtual world where users may create and share their own works. With the help of VoxEdit and Game Maker, players may design and develop their own NFTs, such as avatars, virtual items, and even games for their friends. The Sandbox Marketplace allows users to utilize virtual items to communicate with other players and commercialize their NFTs by exchanging them for real-world money.
New developments are on the way. Aside from new gaming and graphical improvements, blockchain technologies, such as smart contracts, trading platform advancements, and other services such as dApps, APIs, etc., will be added. Over the next five years, the concept will likely attract millions of new users.
Conclusion
The Sandbox is a compensation game that integrates blockchain technology, DeFi, and NFTs into a 3D metaverse. Its virtual world allows gamers to use free creative tools to develop and modify their games and digital materials. The content created by users can also be monetized as NFTs and sold on The Sandbox Marketplace for SAND tokens or used to enhance their gaming experience.
SAND tokens are required to purchase and sell non-fungible tokens (NFTs), such as LAND and ASSETs, on The Sandbox marketplace. SAND is also essential to engage in metaverse management.
There are various methods for obtaining SAND. The method you select should be based on the findings of your research. Before buying SAND, you should also consider your investment skills and goals, payment methods, types of wallets, accounts, etc.
This content should not be interpreted as investment advice. Cryptocurrency is a volatile market, do your independent research and only invest what you can afford to lose.
Source by coinstats.app
