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A Beginner’s Guide to Trading SAND – What You Must Know
Sandbox is a gaming project that’s powered by blockchain. What it wants to achieve is to enable game creators to earn revenue from their games in a secure, decentralized environment. So, players could explore games in that environment and earn money through their participation. Therefore, they’d earn through SAND, the project’s native cryptocurrency. If you’re interested in this project and wish to learn how to trade SAND in the near future, then read on and learn more.
What Is SAND?
Before we can begin to explain how you can trade SAND, it’s important to first know what it is. As mentioned above, it’s the native cryptocurrency within Sandbox. So, Sandbox allows gamers from all over the world to experiment with games, meaning that they can build, own, and earn from them. The aim is to change the existing centralized online gaming environment to one where game creators can have full ownership of their work. Thus, they’ll have non-fungible tokens (NFTs) as their ownership, and participants will have the opportunity to earn SAND tokens.
The reason why the Sandbox project emerged was that currently, game developers have to forfeit their ownership of their games. As a result, they don’t earn fair compensation for the work they’ve created. What’s more, is that it’s difficult to prove who the original owner of an online game is after it’s copied, modified, or further expanded. So, in addition to offering full ownership to game developers in Sandbox’s “metaverse,” it also offers SAND for participants.
The Roles SAND Plays
SAND is based on the cryptocurrency Ethereum. Also, as a critical part of Sandbox, it performs various crucial roles. Here’s what they are.
• Providing access to the platform: Players will need to spend SAND tokens to access and participate in the platform. Participation includes playing games, customizing avatars, purchasing game tools, and more. Creators can acquire assets and LANDS (tokens backed by blockchain) by staking SAND. On the other hand, artists can upload export assets to the online marketplace only if they spend SAND.
• Staking: Holders of SAND tokens can stake in the cryptocurrency and acquire greater revenue on LAND
• Governance: Holders of SAND tokens can vote for proposals to can participate in governance decisions. These proposals can be regarding allocation of the foundation grant, the prioritization of the roadmap, etc. Token holders are allowed to vote for any participant or themselves.
• As an incentive: Holders of SAND tokens will be rewarded with a small portion of the total transaction fees. Therefore, holders of SAND tokens will facilitate the blockchain network’s resilience.
How to Trade SAND
Now that you have an answer to the question, “what is SAND?” it’s time to explore how you can trade it. Trading this crypto is actually a lot simpler than you may have thought so. What you must understand is that SAND is based on Ethereum. Therefore, it can be stored on all wallets that allow you to store Ethereum. So, if you want to store your SAND tokens, you could choose any of the following wallets—all of these are good choices.
• Trust Wallet
• Atomic Wallet
• Ledger Nano
Now, for trading SAND, you can go about it as you would with other cryptos. So, if you want to sell your SAND for USD, crypto.com or Gemini are fantastic options. You could also sell your SAND for USDT (which is a stablecoin pegged to the US dollar) on these platforms. All you have to do is locate and select the pair SAND/USD or SAND/USDT. After that, you have to complete the trade. The USD you receive from the sale will go to your wallet. You can choose to either transfer it to your bank account or use it to buy some other crypto.
What’s more, is that you can also trade SAND for other cryptos instead of getting USD for it. So, you can trade it for the following cryptocurrencies and other currencies.
Some reputable exchanges you can use for trading SAND include Binance, Upbit, Huobi, 50x, BKEX, CoinTiger, BitAsset, Poloniex, Binance.KR, WazirX, and Dcoin.
Should You Invest in SAND?
What you must also understand is that SAND can be an extremely volatile cryptocurrency. This is because its value is wholly dependent on the performance of SAND. So, the value of SAND will most likely decrease significantly if the Sandbox platform begins to bleed creators and users. That is
It’s important to know about the potential risks before you put your money into a cryptocurrency. This is especially so for cryptos that are relatively new on the market. While all crypto are essentially volatile, it’s particularly challenging to estimate the trajectory of a very new type of token.
Having said that, SAND has also shown an upside in the little time that it has been present in the market. So, users could potentially earn significant returns if they purchase it at the right time. This is due to the low market capitalization of the crypto. At the same time, you’ll have to pay close attention to how the Sandbox platform is performing. A low number of paying users on the platform will reduce the token’s value, which could potentially cost you a lot. So, do your research and be smart about how you go about investing and trading SAND.
Last Few Words
Now that you know how to trade SAND, it should be clear that there’s nothing particularly difficult or unique about the trading process. That said, the token’s origin and the platform it’s from is surely an interesting and unique proposition for online game developers. If you are intrigued by the Sandbox team’s mission, then it can be a good idea to support it by becoming a paid user. With more users, you’ll ensure that the token holds its value.
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