The gaming industry has seen spectacular changes over the last few months after the metaverse’s mainstream popularity. In 2021, Meta announced its plan to create a virtual world, and since then, many projects have emerged to promote this vision.
The Sandbox is one of the big names leading the forefront for introducing a virtual world of limitless possibilities. Integrating blockchain allows users to enjoy a permissionless, trustless, open, and decentralized world of freedom.
With metaverses like The Sandbox, people can seamlessly interact, host and enjoy experiences, unleash their creativity, and have fun with different games.
Aside from this, it features a well-established economy powered by the SAND token. Therefore, it’s not surprising to see how The Sandbox’s economy has grown so big over a little time.
This article will look into one of the most important ways to earn passively with The Sandbox by staking your SAND token. However, before we delve into that, let’s take a quick look at The Sandbox and its economy.
What is The Sandbox?
The Sandbox is an Ethereum-based metaverse platform that doubles as a play-to-earn game. It blends the ingenuity of blockchain technology with non-fungible tokens to create an interactive, decentralized, and user-focused three-dimensional metaverse.
The Sandbox was launched in 2011 by Pixowl as a voxel-based mobile gaming platform inspired by Minecraft. It became popular after the massive success of play-to-earn games and the metaverse.
Powered by its native token, SAND, users can create and explore worlds or experiences and have true ownership over all their assets. Within the Sandbox, players can build their world using NFTs, develop games and environments and develop their LANDs.
How does The Sandbox work?
As mentioned earlier, The Sandbox is a dynamic world of limitless possibilities mainly powered by user-generated content. Players can build anything, including resources, goods, experiences, etc. using the platform’s core features, especially VoxEdit and GameMaker.
The main components of The Sandbox include:
- VoxEdit is a user-friendly software where players can create and animate any type of 3D object, like resources, assets, places, and experiences, with their voxel-based NFTs. Once these voxels are made into meaningful content, they can be sold or traded off on the Sandbox marketplace as NFT assets.
- Game Maker: The Game Maker is another integral part of the Sandbox. Here, The Sandbox users can build fun and casual games with their NFTs. It is an easy-to-use and intuitive software that anyone can use since it does not require coding knowledge. With the Game Maker, users can assemble and design various objects and assets with predefined rules and behavior – thus, turning their NFT assets into an unparalleled gaming experience.
- The Sandbox Marketplace is the center of economic activities within the Sandbox. In the marketplace, users can trade, exchange and rent in-game assets with SAND tokens. Users can also upload and publish any of their generated in-game assets here.
To get started with The Sandbox, you must create a new account and avatar. The Avatar can look like you or any other person you want. You can purchase in-game items like clothes and gear for your Avatar.
After setting your account up, connect your wallet to the game. This way, you can store your in-game items and ERC tokens. Supported wallets include Metamask, Bitski, Coinbase wallet, or supported WalletConnect dApps.
Finally, you can download Game Maker to create experiences, especially P2E games. Game Maker is available for desktop devices on macOS and Windows.
SAND Token and The Sandbox’s Ingame Economy
The most important component of any world is its economy. For The Sandbox, it is powered by its token ($SAND), a real estate system with the LAND and in-game resources called ASSETS.
The SAND token is an ERC-20 native token of The Sandbox that serves as the legal tender within the platform. It has a 3 billion total supply, and holders can perform any transaction or interact with anything with the token.
In other words, players can buy resources like ASSETS, and LANDs, customize their Avatar, enjoy experiences, and much more. It also serves as the main governance token with which SAND holders can gain voting rights to make changes within the ecosystem.
Staking SAND is another way to earn passively within The Sandbox. Token holders can earn APY rewards and a share from The Sandbox revenue for staking their SAND tokens. It also increases their chances of winning in-game items like GEMs and CATALYSTs.
Real Estate System
The Sandbox’s vibrant real estate system is another beautiful highlight of the platform. LANDs are uniquely generated ERC-722 NFT assets that players can use for building experiences, games, or structures.
Landowners can monetize their LAND by hosting virtual experiences, renting it out to other players, or selling it permanently.
These are voxel-based user-generated assets created using VoxEdit. These assets are NFTs that can be traded in Sandbox’s NFT marketplace. They can be used to create any resources, in-game items, and even games.
Steps to Stake SAND Token on Binance
SAND token staking is available on various decentralized and centralized platforms. It provides a passive way for SAND holders and The Sandbox users to earn incentives for locking their tokens.
Like many staking programs, SAND staking yields come in different APYs. On Binance, it ranges from 2.69% to 10.82%. A DeFi staking platform on The Sandbox allows holders to stake SAND in the Polygon blockchain.
If you’d like to stake your SAND tokens on Binance, here’s how to go about it:
- Log in or sign up to Binance
- Buy SAND tokens
- Choose any SAND staking program
- Stake SAND
1. Login or sign up to Binance
Before accessing any Binance product, you must be a registered user. However, if you’re new to Binance, go to www.binance.com on your web browser.
Click on REGISTER from the top right corner of the homepage. On the registration page, submit your email address and a strong password. Click on REGISTER and complete email verification.
After completing email registration, you must verify your identity to enjoy Binance’s full service.
Log in to your account and click the round-shaped profile icon in the top right corner of your home screen.
Go to the verification center in ACCOUNT SETTINGS and submit a copy of any government-issued ID card. Binance will review your documents and verify your account afterward.
2. Buy SAND tokens
Once you’ve logged in, you can fund your wallet for staking. Go to the BUY CRYPTO section from the top navigation bar and select any preferred payment method.
Select SAND as the token you want to buy, input the amount, and then click CONTINUE. On the next page, input your payment information – ensure you double-check the details before confirming the transaction.
Complete 2FA verification, and an equivalent amount of SAND tokens will be deposited to your Spot Wallet.
3. Choose any SAND staking program
There are varieties of SAND staking programs on Binance Earn. They vary in their flexibility, duration, and yield.
Click on EARN > BINANCE EARN from the top navigation bar to compare these programs.
In Binance Earn, look for the SAND token in the search bar. After assessing the staking parameters, choose any preferred staking program by tapping the SUBSCRIBE button.
4. Stake SAND
A staking form where you can give more details about your lock. Input the amount of SAND tokens you want to stake.
If the program you chose is not flexible, ensure you indicate the locking period.
Finally, read and agree to the Binance Savings Service Agreement, then click on CONFIRM.
Steps to stake SAND on The Sandbox DeFi Staking Platform
- Buy SAND tokens
- Transfer SAND tokens to a crypto wallet
- Bridge SAND tokens to Polygon
- Go to The Sandbox Staking Platform
- Stake mSAND tokens
1. Buy SAND tokens
Like the SAND staking on Binance, you need to fund your wallet with the tokens. However, instead of Binance, we will be using The Sandbox Staking platform.
However, The Sandbox staking platform is based on the Polygon L2 network. Therefore, you must bridge your tokens to mSAND (Polygon).
To buy SAND, log in to your Binance account and go to the BUY CRYPTO tab in the top navigation bar. Choose any payment method and input the amount of SAND you want to buy.
Supply your payment details and complete 2FA verifications to execute the transaction.
2. Transfer SAND tokens to a crypto wallet
Purchased tokens are deposited in your fiat and spot wallet, where you can transfer them within or outside Binance.
To transfer the tokens to your wallet, go to WALLETS > FIAT AND SPOT from the right corner of the top navigation bar.
Then, go back to your crypto wallet and copy your deposit address. In Metamask, you can always find it in the upper part of the wallet.
Once you’ve copied it, click on WITHDRAW in your Binance Fiat and Spot Wallet. Select SAND as the token you want to withdraw.
Input the deposit address and NETWORK as Ethereum. Finally, click on CONFIRM and complete 2FA verifications.
3. Bridge SAND tokens to Polygon
SAND deposit to your crypto wallet takes less than 5 minutes. After seeing the transaction in your crypto wallet, you must bridge the tokens to Polygon before using The Sandbox staking platform.
To bridge SAND tokens, go to sandbox.game/en/me/bridge. Click on the SIGN IN button to connect your wallet.
Select any suitable crypto wallet and sign the connection in the prompt that pops up in your wallet.
The bridge will automatically detect your ERC-20 SAND tokens. Click on the DEPOSIT button to start bridging the tokens.
A new window will pop up. In this pop-up, input the amount of SAND you want to bridge to mSANS on Polygon. Then click on START DEPOSIT.
Confirm the process and sign the transaction in the prompt that pops up in your wallet. Wait for the transaction to complete before proceeding to stake.
4. Go to The Sandbox Staking Platform
Head over to The Sandbox Staking platform at https://www.sandbox.game/en/me/defi/. You can also click on EARN > STAKING from the sidebar.
If your wallet is not connected, click on SIGN IN and connect your crypto wallet.
5. Stake mSAND tokens
Once you’re in, scroll down to the SAND POLYGON MAINNET STAKING and click on APPROVE. Sign the token approval in the prompt that pops up.
Once the approval is complete, deposit mSAND tokens in the pool. Confirm the deposit by signing the transaction with a Gasless or Forward transaction.
Using the Gasless option, you won’t have to pay a dime because The Sandbox gives 10 free transactions to users monthly. This means you can stake your mSAND and claim its yields for free.
However, forward transactions allow you to pay gas fees with your mSAND token instead of using Polygon’s native token, MATIC.
Forward transaction in SAND staking is better for avid The Sandbox users who want to use their Gasless option for in-game purposes.
How to Stake Luna Classic? (2 Ways)
How To Stake STEPN (GMT) Tokens?