SAND is a utility token that was issued by a cryptocurrency platform Sandbox based on the Ethereum platform. The company that developed the platform is Pixowl, a game studio founded in San Francisco in 2011. The company started its activity as an indie game studio focused on user-created content (UCC). For instance, in 2012 it created a 2D pixel art world for makers, i.e. gamers who wanted to develop and share their games. In 2018, the company was acquired by Animoca Brands.
The members of the ecosystem can create NFT assets and upload them to the facility using its product known as the Sandbox Game Maker. This is the biggest game franchise in the world using independent user-generated content.
The platform tries to resolve several problems it encountered building the system, in which creators can not only craft and play their gaming content, but feel free to share and trade it keeping the copyright ownership secure. One of such challenges is the difficulty of proving the ownership of works, especially, after their modification. As for financial aspects, the problems here arise as game marketplaces are based on fiat money.
Sandbox presents itself as a virtual world for customers who can develop the gaming content and monetize it with the help of a native token SAND, issued for this purpose. The blockchain-based project enabled integration with NFT thus providing incredible opportuning for gamers who want to earn on gaming items created by them.
A DAO structure chosen by the company implies the participation of the ecosystem members in the governance. Exercising their voting rights, the members can decide on such issues as Foundation grants delivered to promising creators, or the platform’s priorities for the achievement of goals specified in its roadmap. The voting rights can be delegated to other people on the platform.
The platform uses advanced technologies such as the innovative 3D voxel engine that contributes to the creation of a rich gaming environment. The team developed NFT maker VoxEdit and has over 1000 highly engaged creators that can get grants via the Creator Fund. This is voxel modeling software enabling rigging and animation of models. VoxEdit presents powerful tools, user-friendly UI, and an easy-to-use timeline for simple modeling and animation. The software employs a skeletal system with hierarchies similar to the ones found in such professional 3D software as 3D Max, Maya, etc., which allows the animation of ASSETS. The ASSETS were developed as ERC-1155 tokens as this standard helps to track token ownership. Each item has a unique identifier and properties preserved in the metadata. As game items are tokenized as NFTs, their owners can transfer them from one game to another.
The smart contracts of the company are open-source and audited by Certik for security. The score of security is 93/100, which is one of the highest in the industry.
SAND is a utility token required to get access to the Sandbox platform. It provides immediate liquidity to the members of the ecosystem, whether they play the games or just invest in them. It is used to access the games, acquire equipment and customize the Avatar character. It is also employed to buy ASSETS and LANDS. The financial system created in the metaverse aims at replicating the real-world economy.
SAND is used for governance. Customers can stake SAND and get passive revenues, which depend upon the volume of stake. It is necessary to get Gems and Catalysts, which are required for the creation of ASSET and can’t be obtained otherwise.
The platform with a fee capture model gives 5% of the transaction volume to the platform allocating half of it to the Foundation and half to the staking pool as rewards to the holders of SAND.
In 2019, the platform raised 3.4 mln USD in a seed round. Also, in December 2019, two rounds of LANDS presale were arranged when the company obtained its first revenue 1400 ETH, which was evaluated at about 300,000 USD at that time. At the beginning of 2020, the platform had rounds 2 and 3 of LAND presales when 5% and then 10% of the Map was sold in hours. More than 10,000 sections of virtual real estate were sold. Round 4 opened in summer 2020. Also, the company arranged LAND MoonSale and conducted 6 rounds of sales successfully.
Sandbox team and partnerships
The company has offices and FTEs in Argentina, France, Korea, and Japan. The core development team includes about 40 employees. Arthur Madrid, a CEO, previously founded the social media network Wixi.com and 1-click Media, a video-on-demand platform.
It is reported that the company started cooperation with over 50 gaming companies and projects such as Atari, Shaun the Sheep, Crypto Kitties, etc. to strengthen the company. The company also partners with SBS Seoul Game Academy thus reaching out to its 2,000 students.