Tag: The Sandbox Game
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Crypto Taxes 2022: Here’s What You Need to Know According to CoinTracking
PRESS RELEASE. Crypto changes quickly, with new tax laws and regulations coming to several countries in 2022, impacting how people need to report their crypto gains on taxes. New regulations in the US are a hot discussion topic among crypto investors, with a bill coming to fruition severely increasing the reporting needs for crypto brokers…
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What is Sandbox: A Beginner’s Guide to the Sandbox Metaverse
Virtual worlds are no longer just for entertainment and they have become valuable real estate in their own right as a result of people’s willingness to invest time and money in them. It is irrelevant whether these goods and spaces are digital or not, whether they are virtual or real- they are valuable because they are created by people who care about them. Minecraft is one of the first games with no goals or rules, and the game is open for players to build and explore at their leisure. This is referred to as a “sandbox game”, and these games are designed in the sandbox style, allowing children to build whatever they want. What is the Sandbox? The Sandbox is a virtual world in which players can create, own, and monetize their own gaming experience. The platform is based on the Ethereum Blockchain Network and includes an in-house governance and utility token known as SAND. In-game items will be tokenized as non-fungible tokens, making them freely tradable on marketplaces. The Sandbox’s virtual world is divided into 166,464 lands. These lands are the metaverse spaces where players can create and monetize games. Land and estates can be combined to form districts, and districts can be combined to form estates. The project was launched in 2018 and is still in the early stages of adoption and development. The Sandbox’s three main components are Vox Edit, the Marketplace, and the game itself. Let’s take a closer look at the Sandbox’s components. 1. Vox Edit: VoxEdit is a 3D voxel modeling software that enables artists to create and animate 3D objects such as people, animals, tools, and so on. These in-game assets can be used in the game by the artists or sold on the market. 2. Marketplace: Users of the Sandbox project will be able to sell their creations in VoxEdit in the form of non-fungible tokens (available in ERC-721 standards). This will provide creators with an open market to monetize their creations. 3. The Sandbox Game Land: The virtual world of Sandbox is divided into several lands. After purchasing land, a user can use it to create a game and place their in-game assets. Users can use assets to decorate their land and incorporate gameplay features by assigning predefined behaviors to the assets. This can transform a piece of land into a full-fledged game. 4. The SandBox Avatar: An Avatar is an in-game virtual reality representation of a player that can be customized to suit the needs of Sandbox players. Users can try different outfits, hairstyles, and colors to get a unique look. They can also boost the attributes of their avatar with various items available in the marketplace. 5. SAND Token: Sand is the in-house utility and governance token of the Sandbox ecosystem and can be staked on a specific piece of land. As a staker, you will receive a few gems and catalysts as a staking reward, which can be used on the platform or sold on the marketplace. By 2023, the platform’s ecosystem will be converted into a DAO (Decentralized Autonomous Organization). 6. Land and Lands Map: Lands are physical spaces in the metaverse owned by players to create and monetize games and can be rented to game creators. Anyone who purchases a piece of land will be granted a LANDS token, which is an ERC 721 (Non-Fungible Token standard) token. There are a total of 166,464 land areas that can be purchased and 58% of the land has already been sold on the platform. Revenue Model of The Sandbox platform The Sandbox team has identified the following five revenue streams that would help in managing and growing the platform: 1. Advertising Revenue Businesses will be able to advertise their products or services on the Sandbox platform, and the platform will charge a fee for these services. 2. Company NFT Sales In addition to the NFTs created by the individual artists, the company also has its own in-house NFT to be sold in the marketplace. 3. LAND sales Sandbox has been selling the LAND pieces in auctions, which has generated revenue for the platform. 4. Player Subscription and Services The company would make money from players by charging them subscription fees and other service fees in order to give them access to exclusive in-game features and premium assets. 5. Transaction Fee The Sandbox would charge a 5% transaction fee on every transaction on the platform. As a result, as the platform grows in popularity, transaction fees will become the primary source of revenue. Partnerships The Sandbox has several renowned partners, such as: Atari Axie Infinity Binance CryptoKitties Dapp Harmony Network Kyber Network Polygon Network Conclusion The Sandbox is a new virtual world that aims to replicate the success of Minecraft in the gaming industry and monetize the whole gaming … Continued
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