By
Chimamanda U. Martha
April 18th, 2024
With the virtual land on The Sandbox, Binance hopes to engage with the community through social gaming experiences within The Sandbox worlds.
Major cryptocurrency exchange Binance has made its foray into the Non-Fungible Token (NFT) world with the acquisition of virtual real estate property on the leading blockchain gaming platform The Sandbox.
The exchange revealed that it is purchasing 4,012 LANDS each of which is a non-fungible token representing a piece of unique virtual real estate in The Sandbox metaverse. With the acquisition of the LAND tokens, the exchange claims that it is exploring more social gaming experiences for its users.
“It is clear that blockchain technology has great potential in the gaming industry. It provides significant improvements for gamers and developers, especially in regard to decentralization, transparency, and interoperability. Binance is taking a step further to demonstrate that blockchain technology can bring mainstream adoption into gaming through our collaboration with The Sandbox. Together we work on a brand-new field of entertainment that brings more freedom to players,” Binance CEO Changpeng Zhao (CZ) said in a statement.
With the virtual land on The Sandbox, Binance hopes to engage with the community through social gaming experiences within The Sandbox virtual worlds. The exchange affirms it will be organizing an NFT creation contest in collaboration with VoxEdit and The Sandbox NFT marketplace. The acquired LAND tokens will be used to compensate creators who propose the most compelling games.
The gaming contests will be announced ahead of The SandBox’s Beta public (beta) launch scheduled for later this year.
Pros of Binance Investment in The Sandbox
The Sandbox game ecosystem is one of the innovative gaming enterprises in the world today. The Sandbox is a user-generated content and gaming platform and has garnered about 40 million downloads and over one million monthly active users.
The Sandbox team is a leading creator of world-building experiences with over 40 senior staff with 10+ years of experience building and maintaining game live operations with millions of players.
The team is building a unique virtual world where players can build, own, and monetize their gaming experiences using SAND, the main utility token of the platform and the official token of the Sandbox, and Non-Fungible Tokens (NFTs).
LAND is a non-fungible (ERC-721) NFT that represents a digital piece of real estate in The Sandbox metaverse. There are a limited number of LANDS, 166,464 in total, each with a unique location.
As reported, The Sandbox has completed four previous LAND presales selling a cumulative of over $1,500,000 worth of LANDS NFTs. The investment by Binance will help increase the user base of The Sandbox drawing from Binance’s large customer base.
“Welcoming Binance into our metaverse is a significant step toward broader adoption of NFTs in the decentralized economy by the community of Binance users,” said Sebastien Borget, COO and co-founder of The Sandbox. “One of the greatest strengths of The Sandbox virtual world is the fact that creators can build, own and monetize games alongside gaming giants such as Atari, Square Enix, and now Binance as well!” added he.