What is the Sandbox Token ($SAND)?
$SAND is the native ERC-20 token used in The Sandbox. ERC-20 means that it exists on the Ethereum blockchain. It is the basis for transactions and interactions inside. For example, playing games or enhancing your avatar requires payments of $SAND. Like other Metaverses on other blockchains, the presence of a utility token allows The Sandbox to thrive on its economy. Unlike other metaverses, $SAND is capped at 3,000,000,000 while tokens like Smooth Love Potions (SLP) are uncapped. $SAND implies that should be able to retain value for much longer when compared to blockchain games without capped tokens. The Sandbox tracks ownership of NFT assets and LAND using the Ethereum blockchain. Users can further interact with the ecosystem by storing their tokens in Ethereum wallets. The blockchain-based game also includes several tools that developers can use to create their assets. The Sandbox is gaining popularity among investors and users alike, and more exchanges are now offering $SAND token trades.
How Can You Earn Income in the Sandbox?
If you enjoy art, you can create works of art and sell them on the market to earn $SAND. If you’re more interested in game design, the most straightforward way is to create games and charge other players to play them. Owning LAND can also make you money because as more players invest in the game, the price of LAND rises and can be converted into profit. Users will also be able to rent out their LAND to others, such as game designers who do not own any LAND. You can also earn $SAND by participating in competitions or playing platform games. All income within The Sandbox Metaverse will come from $SAND. In the same way that crypto exchanges can swap crypto for $SAND, they can also trade $SAND for crypto. So let’s look at generating $SAND within The Sandbox Metaverse.
Staking $SAND
In crypto, staking is used when we “bank” our cryptocurrency or tokens on what is known as liquidity pools. Like interest rates in banks, we lend them our cryptocurrency for a set amount of time and are rewarded for it. You will earn a share of the $SAND from the pool. Your total earnings depend on how much you have staked. Staking a low amount of $SAND will mean you will only get a low return.
The staking system can easily be accessed through your profile on The Sandbox website. Staking rewards are distributed in proportion to the amount of $SAND locked up in a liquidity pool. Rewards are also multiplied by the number of LANDs owned by the user.
How Secure Is The Sandbox Network?
The Sandbox virtual world is secured by the proof-of-stake (PoS) consensus mechanism because it is built on the Ethereum blockchain. The $SANDtoken is an ERC-20 standard token, meaning owners can stake it and earn staking rewards.
