The Dubai government has been one of the early adopters of cryptocurrency and metaverse. In a recent move, the Dubai Virtual Assets Regulatory Authority (VARA) announced purchasing a piece of land in The Sandbox metaverse to develop its virtual headquarters. It aims to reach a borderless audience while improving environmental sustainability and social inclusion – as a virtual headquarter would mean less usage of physical resources to manage its day-to-day activities.
What is The Sandbox
The Sandbox is the third-largest metaverse based on the Ethereum blockchain. It allows users to create, share, and monetize their assets (like real estate) and gaming experiences. People can own assets, play, build, and own their properties and in-game assets in the virtual world. Plus, they can sell such assets and earn real-world money in exchange.
Along with the blockchain, The Sandbox leverages the potential of non-fungible tokens (NFTs) to allow people to experience the virtual world. The NFTs lend the users qualities like scarcity, security, and authenticity.
In traditional games, the rights of gamers are limited. While powerful, virtual gaming is not new, giving the players a chance to monetize and have absolute ownership of their creations is new. This is why The Sandbox was created by Pixowl, a game development company – to disrupt the traditional gaming market.
Besides metaverse, The Sandbox is also known for its mobile gaming hits – The Sandbox (2011) and The Sandbox Evolution (2016). Together, the two games generated have over 40 million downloads. In 2018, Pixowl diversified into the blockchain ecosystem to disrupt existing game makers by giving the creators actual ownership of their creations as NFTs and rewarding them for their participation.
While The Sandbox is far from the only metaverse offering, it is unique in its breadth of the product portfolio. It comprises three products that provide a comprehensive experience to gamers:
These three products put together benefit the gamers by giving them the copyright of their content. Pixowl does this via blockchain and smart contracts.
The Sandbox’s tokens
The Sandbox uses several tokens that make it functional. According to its whitepaper, it uses give tokens. All these tokens are stored on Ethereum and have different token standards.
Before we talk about The Sandbox’s tokens, let’s quickly understand token standards.
Token standards are like an interface or a set of rules, followed by a smart contract so the token can become compatible with a common standard. These standards define how a token can be transferred and recorded.
We’ll discuss three token standards in this article – ERC20, ERC721, and ERC115.
ERC20 token standard introduces fungible tokens – a token with the same type and value as another token. ERC721 token standard introduces NFT – a unique token. ERC115 is a gas-efficient token that can represent multiple tokens simultaneously.
Now, let’s discuss The Sandbox’s tokens:
However, the most important of all tokens is the SAND token – the only token that facilitates transactions.
The Sandbox, however, hasn’t been launched to the public in its entirety; it is still in the alpha stage. The full launch is slated to take place in 2022.
(Edited by : Priyanka Deshpande)
First Published:
May 6, 2022 1:38 PM
IST
As an enthusiast and expert in the field of cryptocurrency, blockchain technology, and metaverse ecosystems, I can confidently provide insights into the article about Dubai's government adopting cryptocurrency and entering the metaverse through The Sandbox. My knowledge extends beyond the content of this article, allowing me to contextualize and enrich the information presented.
Dubai's Venture into Cryptocurrency and Metaverse
Dubai has emerged as an early adopter of both cryptocurrency and the metaverse, showcasing a progressive approach towards embracing innovative technologies. The Dubai Virtual Assets Regulatory Authority (VARA) has made a significant move by acquiring land in The Sandbox metaverse to establish its virtual headquarters. This initiative aligns with the broader goals of reaching a global audience, enhancing environmental sustainability, and fostering social inclusion through reduced reliance on physical resources.
The Sandbox: A Brief Overview
1. The Sandbox as a Metaverse
The Sandbox stands out as the third-largest metaverse, operating on the Ethereum blockchain. Its core functionality empowers users to create, share, and monetize various assets, including real estate, and gaming experiences within a virtual environment.
2. Utilization of Blockchain and NFTs
The Sandbox leverages the Ethereum blockchain and non-fungible tokens (NFTs) to enable users to experience virtual worlds. NFTs provide users with attributes like scarcity, security, and authenticity, granting them unprecedented ownership and monetization opportunities within the virtual space.
3. Disruption of Traditional Gaming
Unlike traditional gaming models where user rights are limited, The Sandbox disrupts the gaming market by providing creators with actual ownership of their in-game assets as NFTs. This move by Pixowl, the game development company behind The Sandbox, is aimed at revolutionizing the traditional gaming landscape.
The Sandbox's Product Portfolio
The Sandbox offers a comprehensive product portfolio, consisting of three key products:
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VoxEdit: Enables users to create and animate 3D objects using the ERC-1155 token standard.
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The Sandbox Game Market: Allows users to create 3D games for free.
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The Sandbox Marketplace: A platform for users to sell their assets, leveraging an interplanetary file system for storage and sharing.
Together, these products empower gamers by granting them copyright over their content through the use of blockchain and smart contracts.
The Sandbox's Token Ecosystem
The article highlights the various tokens utilized by The Sandbox:
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SAND (ERC20): The primary token powering transactions and interactions within The Sandbox metaverse.
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LAND (ERC721): Tokens representing ownership rights to specific places on the platform, allowing users to engage in various activities and governance.
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ASSETS (ERC115): Tokens emphasizing scarcity, security, and authenticity for unique and non-divisible assets.
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Catalysts (ERC-20): Tokens enhancing the power of ASSETS, defining their scarcity and level.
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Gems (ERC-20): Tokens burned when used in The Sandbox, obtainable through staking SAND or purchasing from other players.
The Future of The Sandbox
Despite being in the alpha stage, The Sandbox is poised for a full launch in 2022, promising further advancements and opportunities for users in the evolving metaverse landscape.
In conclusion, Dubai's foray into The Sandbox reflects a broader trend of governments and entities recognizing the potential of cryptocurrencies and metaverse platforms, and The Sandbox's unique features contribute significantly to this transformative wave in the digital realm.
