Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Kitco News) –
The Sandbox, a leading decentralized metaverse platform and a subsidiary of Animoca Brands, announced the sale of over 1,900 virtual LAND parcels on Tuesday.
The Sandbox is an Ethereum-based online multiplayer game similar to Roblox and Minecraft where users can own in-game assets as NFTs and trade their LAND holdings on marketplaces such as OpenSea.
The Sandbox’s metaverse contains 166,464 LANDs valued at over $1B, based on the average price of the 100,000 LANDs sold to date, the company said.
The sale will be done in three stages starting November 24, 2022 and will last through early 2023. The first stage, California Dreamin’, will give gaming fans the chance to build alongside FaZe World, while skating fans will have the opportunity to build and play near Tony Hawk’s metaverse skatepark. It will also be home to Playboy and The Marathon City.
The second stage, The Galleria, will begin on December 1. The Galleria is a neighborhood built around fashion, media, and hospitality brands, where LAND owners can become virtual real estate developers on TIME Square or neighbors with Paris Hilton. The Galleria neighborhood will also be home to Cipriani and L’Officiel.
Then, in early 2023, Voxel Madness will go on sale. This is a gaming-themed neighborhood that will serve as the virtual local arcade for gaming fans around the world. Fans of Cut the Rope, Voxies, Dogami, Playground Studio, and Hermit Crab will be able to create and host their own games alongside their favorite gaming universes.
Each stage of the sale will include both standard and premium LANDs. Premium LANDs located in the neighborhoods of major brands are more scarce and come with exclusive premium digital collectibles for fans of those brands. Premium LANDs also increase staking rewards and allow owners to use their collectibles in Game Maker to create unique experiences. There will also be exclusive larger ESTATEs put up for auction directly on OpenSea.
The company said the upcoming sale will be conducted through a new raffle system to ensure fairness of access to LAND. Participants will need to have at least 1,011 SAND tokens in their wallets to enter the raffle.
SAND was trading at $0.5271 before the LAND sale was announced this morning, and rose to a high of $0.5540 during the day. At the time of writing, SAND was trading at $0.5473.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.