When was SAND coin issued? Learn about the origin of SAND coin in one article

Originating from the need for a virtual economy within The Sandbox platform, the SAND coin emerged as the primary medium of exchange, empowering users to purchase assets and shape the platform's growth.

Oct 08, 2024 at 08:54 am

Sand Coin: Tracing its Origins

Background

1. The Sandbox, a decentralized virtual platform for gaming, has its own native utility token called SAND.

History

2. The SAND token was first issued through an Initial Coin Offering (ICO) on December 4, 2019, raising approximately $3.2 million.
3. During the ICO, 80% of the total supply (1 billion SAND) was offered to the public, with the remaining 20% reserved for the development team and ecosystem growth.
4. The token was listed on various cryptocurrency exchanges shortly after the ICO, allowing traders and investors to access it.

Origins

5. The idea behind SAND coins originated from the desire to create a sustainable virtual economy within The Sandbox platform.
6. The Sandbox is designed as a decentralized gaming platform where players can create, share, and monetize their own game experiences and assets.
7. SAND coins serve as the primary medium of exchange within this virtual economy, enabling users to purchase land, game assets, and services within The Sandbox.
8. By empowering users with the ability to own virtual assets and create their own experiences, SAND coins aim to foster a thriving community and drive the growth of the platform.

Conclusion

The SAND coin was issued on December 4, 2019, during an ICO that raised $3.2 million. The token played a crucial role in establishing the foundations of the decentralized virtual economy within The Sandbox platform, empowering users with the means to purchase land, game assets, and services, and foster community growth.