Crypto Academy Week 10 - Homework Post for @levycore

in SteemitCryptoAcademy • 3 years ago

Professor @levycore posted a new lecture on NFTs. As part of studying process, I want to submit my homework in this post.

pic1

Image taken from Sandbox White paper

My thoughts on NFTs

NFTs or Non-fungible tokens have been a part of Ethereum network for a few years. However, most of ethereum users haven’t heard of them (or at least didn’t owned any NFTs) until the beginning of 2021. Most of tokens on ethereum blockchain are based on ERC-20 standard and only a few projects use ERC-1155 or ERC-721 standards. The main difference that makes NFTs valuable is their uniqueness. NFT is basically a new form of digital ownership for different assets. Why NFTs were not popular before 2021? In my opinion before 2021 this technology had no real support of celebrities. Now the list of celebrities that issued any types of NFTs – songs, digital art, collectable cards will be impossible to build.

I have very mixed feeling about NFTs. On the one hand, the technology is pretty strong and revolutionary. The true ownership for an asset is less powerful invention than smart contracts, but it is still powerful enough to be used in almost any area. On the other hand, there is a key problem I can’t ignore – almost nobody takes this type ownership seriously. Our life is controlled by laws and the main part of any law system is the concept of private property. For an ownership to be “true”, it must be backed by a government. It is true for any real-life items and it is still true for most digital assets. If you digital asset is on the internet, you can’t really control it. Piracy in the internet can’t be defeated. Having a widely recognized proof of ownership still helps you limit the damage from piracy, At this point, NFT can’t offer this. Yet there is still a place where all the above “cons” do not exist – gaming world. This why I have chosen Sandbox as my NFT pick for this homework.

What is Sandbox project

The Sandbox is a new virtual world that is based of ethereum blockchain and uses the power of NFT technology to allow players to create, own and monetize their gaming experiences. For me, Sandbox is the project that tries to fix main issues of game ecosystems like Minecraft, where people can create unique game assets, but have no rights for them in the game world. The mission of the project is to empower users to change the game world in the way they want by creating items and unique game mechanics and get profit from their efforts.

Sandbox Ecosystem

pic2

Image taken from Sandbox White paper

Sandbox ecosystem consists of three products integrated with each other:

  • VOXEDIT - a set of 3D modeling tools to create new game assets. All created assets are automatically converted into NFTs (ERC-1155 tokens)
  • MARKETPLACE - web-based market place where players can trade assets.
  • GAME MAKER - the game world itself, where you can build anything you want using assets you own, from customizing your land to building your own game and enjoy playing the game.

Sandbox token economics

Sandbox is a complex ecosystem with three types of tokens – SAND (ERC-20), LAND (ERC-721) and game assets represented with ERC-1155 tokens.
SAND is the main token for the project. It has the most uses cases:

  • It is used as game currency to play, purchase items, customizing your avatar and etc.
  • It the governance token to use voting rights to decide on ecosystem future
  • You can stake SAND to get passive income

Find below some useful data on the token:

Ticker SAND
Contract address 0x3845badade8e6dff049820680d1f14bd3903a5d0
Total Supply 3 000 000 000
Circulating Supply 686 821 748
Current price $0.40
Highest price $0.91
Markets Binance, Huobi, Uniswap, OKEx, Upbit

pic3

Image taken from Sandbox White paper

LAND is a token representing part of game world. The game world has 166,464 LANDS (408*408). It is used to publish your game in the game world. Owner can change his land piece and set any game mechanics inside it.

Assets are all game items created by players. You can use them in the game or trade on the marketplace.

Instead of conclusion

Instead of making any conclusions, I want to explain why I have chosen SAND out of all NFTs.

  • SAND offers the best possible use case for NFT – gaming. Game ecosystem enforces the true ownership.
  • SAND empowers players and fixes many issues of gaming industry
  • It offers a complete ecosystem for NFT from creating->selling->using. Most of NFT projects are not even close to this
  • SAND token has an incredible amount of uses cases making it valuable. In addition to this it has a large market size and is tradeable on all large exchanges.
  • Sandbox is the result of evolution of the Sandbox franchise that has more than 40 million players. This makes me think it is here for long.

I encourage you to do your own research on the token. Here are some useful links:

Disclaimer

I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.

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#levycore-s2week2 #cryptoacademy #nft #sand #gaming
3 years ago in SteemitCryptoAcademy by
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     3 years ago 

    Hi @cryptohumster, thank for submitting your homework

    Feedback

    I expected to read more detail about the project

    Rating : 5

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