The government of Dubai has been one of the first to embrace cryptocurrency and the metaverse. Recently, the Dubai Virtual Assets Regulatory Authority (VARA) announced the purchase of land in The Sandbox metaverse to develop its virtual headquarters. The goal is to reach a borderless audience while enhancing environmental sustainability and social inclusion, as a virtual headquarters requires fewer physical resources for daily operations.
What is The Sandbox?
The Sandbox is the third-largest blockchain-based metaverse built on Ethereum. It allows users to create, share, and monetize their assets (like real estate) and gaming experiences. Users can own assets, play games, build, and manage properties within the game’s virtual world. Additionally, these assets can be sold to earn real-world money.
The Sandbox also utilizes blockchain technology and non-fungible tokens (NFTs) to enable users to explore the virtual world. NFTs grant qualities like rarity, security, and authenticity.
In traditional gaming, players’ rights are limited. While virtual gaming is not new, giving players the opportunity to monetize and have full ownership of their creations is innovative. The Sandbox was created by Pixowl, a game development company, to disrupt the traditional gaming market.
Beyond the metaverse, The Sandbox is known for its mobile gaming successes, The Sandbox (2011) and The Sandbox Evolution (2016), which together amassed over 40 million downloads. In 2018, Pixowl ventured into blockchain to empower creators with real ownership of their creations as NFTs and reward them for their participation.
Features of The Sandbox
The Sandbox offers three main products to provide a comprehensive experience for players:
- VoxEdit: A tool for creating and animating 3D objects called "assets," using the ERC-1155 token standard. This allows for the creation of both fungible and non-fungible items.
- The Sandbox Game Maker: Enables users to design 3D games for free.
- The Sandbox Marketplace: A platform for users to sell their assets after uploading them to the InterPlanetary File System (IPFS), a protocol for storing and sharing files.
Together, these products empower players by granting them intellectual property rights over their content, facilitated through blockchain and smart contracts.
Tokens in The Sandbox
The Sandbox relies on various tokens to operate, all stored on Ethereum:
- SAND: An ERC-20 token used for transactions and interactions within The Sandbox. It's essential for activities like gaming, customizing avatars, buying and selling assets, and creating more SAND or other tokens.
- LAND: ERC-721 tokens that grant ownership of specific locations in the metaverse. LAND owners can rent, stake, host, or develop neighborhoods and participate in governance.
- ASSETS: ERC-1155 tokens representing unique, indivisible, and scarce assets.
- Catalysts: ERC-20 tokens that enhance the power and rarity of ASSETS, ranging from "common" to "legendary."
- Gems: ERC-20 tokens burned when used to enhance ASSETS. They can be acquired by staking SAND or purchasing them from other players.
SAND is the core token, enabling all transactions and interactions in The Sandbox.
The Team Behind The Sandbox
- Arthur Madrid: CEO and Director of The Sandbox
- Sébastien Borget: COO and Director of The Sandbox
- Marcelo Santurio: CFO of The Sandbox
- Pablo Iglesias: Creator of the Sandbox game
- Lucas Shrewsbury: CTO of The Sandbox, former CTO of Gameloft
Advisors:
- Hashed: A prominent player in the crypto industry.
- Mikhael Naayem: Chief Business Officer at Axiom Zen and CryptoKitties.
- Yat Siu: CEO of Animoca Brands and a seasoned entrepreneur.
- Alexis Bonte: Co-founder and board member of eRepublik Labs.
- Ed Fries: A pioneer in video game development.
Final Thoughts on The Sandbox
The decentralized platform allows players and creators to own a piece of the metaverse (LAND), participate in governance and economy (SAND), and enjoy building and profiting within the virtual world. Although The Sandbox is still in its alpha stage, it has already garnered significant attention. A full release was planned for 2022.
