Sebastian Borget, the co-founder and COO of the TSB Gaming and developer of The Sandbox franchise tweeted late last night that they made NFT history with 1,078 LANDS being sold in less than 60 seconds to 391 unique buyers.
“This is #NFT History in the making. We sold out 1,078 LANDS in less than 60 seconds to 391 unique buyers. Yes. 6️0 seconds Hourglass with flowing sand! What can I say? THANK YOU to #TheSandbox community who keeps growing & building the gaming Metaverse with us.”
What Is The Sandbox Game?
The Sandbox is a wildly popular franchise where players can build their own virtual worlds. The franchise has been around for at least eight years now, and it is available for iOS and Android users. Players can build, own, and monetize their gaming experiences on the Ethereum blockchain using SAND, the game's utility token.
SAND can be used to buy and sell LANDS and ASSETS within The Sandbox. LAND is a digital piece of real estate in the Sandbox metaverse which players can buy and populate with games and other assets.
The utility exchange in LANDs can be done using SAND. Users can combine multiple LANDs to form an estate. Each land is a Non-fungible token (NTF) that lives on the Ethereum public blockchain (ERC721). There are over 70 million worlds created by the community already.
Utilizing blockchain technology, Sandbox Game aims to address traditional gaming industry shortcomings such as excessive centralization of user-generated content which limits creator rights and ownership. The Sandbox team has collaborated with Liquid to list the SAND token on the cryptocurrency exchange, and players will be able to purchase SAND tokens on the Liquid exchange.
What’s NFT And Why Is It Making News?
NFT, or a Non-Fungible Token is a type of cryptographic token that represents a unique digital asset. Based on blockchain technology, it works similar to bitcoin but differs from it in terms of NFT being not mutually interchangeable. Each NFT has a digital hash assigned to it, making it a one-of-a-kind asset. NFT has opened up a realm of possibilities by creating scarcity and value for digital goods.
Recent Examples Of The NFT Boom
Digital artist Mike Winkelmann, who goes under the name Beeple, has sold his artwork on blockchain art platform - Nifty Gateway, recently selling an NFT in a resale for a whopping $6.6 million on the secondary market. This the most expensive NFT sale in history. Following this, Beeple’s artwork “EVERYDAYS: THE FIRST 5000 DAYS” created history again by being the first digital artwork being auctioned at the world’s oldest fine art auctioneer, Christie’s.
French blockchain Sorare announced yesterday that it raised $50 million in funding for its fantasy football collectible game which uses NFT, ensuring the player’s card is unique based on the Ethereum blockchain. The cards are tradable, with a unique Cristiano Ronaldo card recently selling for $102,000.
“Blockchain technology gives Sorare cards superpowers. We are building more than collectibles. Our digital cards have a utility that can be used in our global fantasy football games and myriads of games. The potential is limitless and we can’t wait to see the amazing football projects that are built around Sorare cards!” said Nicolas Julia, the co-founder and CEO of Sorare.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.