Who issued The Sandbox (SAND) coin?

The issuance of The Sandbox (SAND) coin was led by the platform's team, allocating tokens to investors, contributors, and the ecosystem's development.

Dec 07, 2024 at 10:21 am

Who Issued The Sandbox (SAND) Coin?

The Sandbox (SAND) coin is a utility token issued by The Sandbox, a decentralized virtual world where players can create, own, and monetize their gaming experiences. The coin is used for various functions within The Sandbox ecosystem, including:

• Purchasing LAND, the virtual real estate of The Sandbox
• Acquiring ASSETS, which are the in-game items
• Staking to earn rewards and participate in governance
• Trading on exchanges for profit

The Sandbox (SAND) coin is an ERC-20 token that runs on the Ethereum blockchain. It was issued through an initial coin offering (ICO) in 2019, where approximately $3 million was raised. The coin's total supply is 3,000,000,000 SAND, of which approximately 2,358,486,998 SAND is currently in circulation.

Issuance of The Sandbox (SAND) Coin

The Sandbox (SAND) coin was issued by The Sandbox team, which is led by CEO and co-founder Arthur Madrid. The team is composed of experienced professionals from the gaming and blockchain industries.

Here is a breakdown of the issuance process:

1. Pre-ICO Sale: A private sale was held prior to the ICO, where a limited number of SAND tokens were sold to select investors.
2. Initial Coin Offering (ICO): The public ICO took place in August 2019, where SAND tokens were sold to the general public. The ICO raised approximately $3 million.
3. Post-ICO Distribution: Following the ICO, the remaining SAND tokens were distributed to the team, advisors, and other contributors to The Sandbox project.

The distribution of SAND tokens is as follows:

• Team: 31%
• Foundation: 25%
• Pre-ICO Investors: 18%
• ICO Investors: 26%

Uses of The Sandbox (SAND) Coin

The Sandbox (SAND) coin has several use cases within The Sandbox ecosystem:

1. Purchasing LAND: LAND is the virtual real estate of The Sandbox, where players can build, create, and monetize their gaming experiences. SAND is used to purchase LAND, which is then stored in a user's Ethereum wallet.
2. Acquiring ASSETS: ASSETS are the in-game items used to create and customize experiences within The Sandbox. SAND is used to purchase ASSETS, which can be anything from buildings and characters to vehicles and weapons.
3. Staking: SAND holders can stake their tokens to earn rewards and participate in governance. Staking allows users to contribute to the security of The Sandbox network and earn additional SAND tokens over time.
4. Trading: SAND is listed on various cryptocurrency exchanges, where it can be traded for other cryptocurrencies or fiat currencies. SAND's price is determined by supply and demand on these exchanges.

Conclusion

The Sandbox (SAND) coin is an essential part of The Sandbox ecosystem, enabling users to purchase LAND, acquire ASSETS, stake tokens, and trade on exchanges. The coin was issued through an ICO in 2019 and is currently used for a variety of functions within The Sandbox virtual world.