What is The Sandbox (SAND)? Overview of SAND token and IEO The Sandbox on Binance Launchpad
At 07:00 AM on 06/08/2020, Binance will begin recording the user’s BNB balance in preparation for the next IEO sale on Binance Launchpad, The Sandbox (SAND), in the form of lottery. Let’s find out about this project as well as information about IEO on Binance!
What is The Sandbox (SAND)?
The Sandbox is a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain using the platform’s utility token SAND. Players can create digital assets in the form of Non-Fungible Tokens (NFTs), upload them to the Marketplace, and integrate into games with Game Maker.
The Foundation supports the ecosystem of The Sandbox, offering grants to incentivize high-quality content and game production on the platform. As of the time of writing, the Foundation has funded over 15 game projects and granted 100 artists to produce NFTs.
The Sandbox platform consists of three products integrated, providing a comprehensive experience for producing User-Generated Content (UGC).
- # 1: VoxEdit
VoxEdit is a voxel 3D model package that allows users to create and design motion for 3D objects such as people, animals, objects.
- # 2: Marketplace
The Sandbox Marketplace allows users to upload, publish, and sell property types (ASSETS) produced in VoxEdit. ASSETS were initially uploaded to the InterPlanetary File System (IPFS) network and then registered on the Ethereum Blockchain to prove ownership. ASSETS may be traded if their owner is listed in the Marketplace.
- # 3: Game Maker
Sandbox’s Game Maker allows players to build free 3D games. With the help of tools on the network, no complex coding, Blockchain, etc. are required.
What is SAND token? What is SAND used for?
SAND is a native token on The Sandbox platform, used for network activities.
Specifically, SAND has the following use cases:
- The medium of exchange: Players can potentially collect SAND through gameplay, and subsequently spend SAND to play games, purchase equipment, or customize Avatar characters. Creators can spend SAND to acquire ASSETS and LAND. Artists can spend SAND to upload ASSETS to the Marketplace and buy GEMs for defining item rarity.
- Governance: SAND allows holders to participate in governance decisions. SAND owners can vote themselves or delegate voting rights to other players of their choice.
- Staking: Users can stake SAND tokens to earn rewards, as well as GEMs and CATALYSTs for ASSETS creation.
The Sandbox development team has used about 65% of the funds raised according to the distribution below:
- 52.31% Team
- 27.69% Development
- 15.38% Marketing
- 4.62% Administrative
The Sandbox keeps all its funds in cryptocurrency, stablecoins, and fiat. If they want to use the fund, they need approval from at least two of the three executives of the project.
Information about IEO The Sandbox (SAND) on Binance Launchpad
- Launchpad Hard Cap: $ 3,000,000
- Total supply: 3,000,000,000,000 SAND
- Initial total supply: 23.5% of total SAND supply
- Public price: $ 0.008333 (price in BNB will be determined before the draw date)
- Attribution on Binance Launchpad: 360,000,000 SAND (12% of total supply)
- Maximum number of winning tickets: 15000
- Allocated for each winning ticket: $ 200 (24,000 SAND)
- Token distribution Within 15 days after the end of the opening of selling IEO
- 0:00 AM (UTC) 06/08/2020 to 0:00 AM (UTC) 06/08/2020: During this period, user BNB balances will be calculated in hourly snapshots for each day over seven days. Your final average daily BNB balance over these seven days will determine the number of tickets that you will be able to claim.
- 6:00 AM (UTC) 13/08/2020: Ticket claim will open at this time for all eligible users for 24 hours. Users must also sign the Token Purchase Agreement at the same time, before completing the ticket claim. Please note that users will only be able to claim tickets once.
- 6:00 AM (UTC) 14/08/2020: Ticket claim closes, and the lottery draw begins.
- 8:00 AM (UTC) 14/08/2020: Winning tickets are announced, and the respective BNB will be deducted from each winning users’ accounts.
Lottery Ticket Allocation
Users will be able to claim up to a maximum of 10 lottery tickets based on their daily average BNB holdings (represented by X below) over the seven days leading up to the ticket claim date.
For example, 50 ≤ X < 100 means that your average BNB balance over the entire specified period is kept at 50 BNB or more but does not exceed 100 BNB.
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