August 2020 at 7:00 a.m., Binance will start recording users’ BNB balances to prepare for the next IEO sale on Binance Launchpad, the The sandpit (SAND), with lottery format. Let’s find out more about this project as well as information about IEO on Binance!
What is the sandbox?
Sandbox is a virtual world in which users can build, own and monetize their gaming experience on the Ethereum blockchain with the native token SAND. Players can generate tokens as non-fungible tokens (NFTs) and integrate them into games with Game Maker.
The Sandbox Foundation will support the Sandbox Project ecosystem and provide grants to incentivize users to produce high quality content and more games on the platform. At press time, the foundation has funded more than 15 game projects and 100 users to produce NFT tokens.
The actual products of the project
The sandbox platform consists of three products that integrate and offer a comprehensive experience for the production of user-generated content (UGC).
VoxEdit is a 3D voxel modeling package that allows users to create and design motions for 3D objects such as people, animals, objects, etc.
Sandbox Marketplace enables users to upload, publish and sell asset classes (ASSETS) created in VoxEdit. ASSETS are first uploaded to the InterPlanetary File System (IPFS) network and then registered on the Ethereum blockchain as proof of ownership. ASSETS can be bought and sold when their owners put them up in the marketplace.
Sandbox Game Maker allows players to create 3D games for free. With the help of tools in the network that do not have complex knowledge of coding, blockchain, etc.
What is a SAND token? What is SAND used for?
SAND is a native token on the sandbox platform that is used for network operations.
Specifically, SAND has the following use cases:
- Medium of Exchange: Players can collect SAND through games and then use the SAND in return to play games, buy equipment, or customize characters. SAND is now also being used to create ASSETS and land.
- Governance: SAND enables owners to participate in governance decisions. SAND holders can vote themselves or delegate voting rights to other players of their choice.
- Staking: Users can wager SAND tokens to earn rewards.
The sandbox development team has used approximately 65% of the funds raised according to the following allocation:
- 52.31%: Split equally between the team
- 27.69%: project development
- 15.38%: Marketing Spending
- 4.62%: platform management
The sandbox holds all of its funds in cryptocurrency, stablecoin, and fiat. If they want to use the funds, they need the approval of at least two of the three project managers.
Information on IEO The Sandbox (SAND) on Binance Launchpad
- Launchpad hard cap: $ 3,000,000
- Total supply: 3,000,000,000 SAND
- Original total supply: 23.5% of the total SAND supply
- Public sale price: $ 0.008333 (price in BNB will be set before the draw date)
- Allocation on Binance Launchpad: 360,000,000 SAND (12% of total supply)
- Maximum number of winning tickets: 15,000
- Allocation for each winning ticket: $ 200 (24,000 SAND)
- Distribution of tokens within 15 days of the end of the IEO sale
The Sandbox Lottery Timeline (SAND)
- 07:00 08/06/2020 to 08/13/2020: During this period, the BNB credit of a user is calculated in hourly snapshots for each day over a period of 7 days. The average daily BNB balance a user has over the last 7 days determines how many tickets they can claim.
- 13:00 Ngaft 06/13/2020: At this point in time, ticket applications will be opened for all authorized users for a period of 24 hours. Users must simultaneously sign the token purchase agreement before completing the ticket request. Please note that users can only request tickets once.
- August 14, 2020, 1:00 p.m .: Close the ticket complaint gate and start the lottery drawing
- 15:00 08/14/2020: The winning ticket will be announced and the corresponding NBB will be deducted from the winner’s account. Please make sure you have enough BNB in your account to be withdrawn within 24 hours if there is a winning ticket.
Users can claim up to 10 lottery tickets based on their average daily BNB inventory (represented by X below) during the period of 7 days up to the date they were received.
For example, 50 ≤ X <100 means that your average BNB credit over the entire specified period is 50 BNB or more, but not more than 100 BNB.