Binance will begin recording user's BNB balances in preparation for the next IEO sale on Binance Launchpad, The Sandbox (SAND) token, in the lottery format. Let's find out about this project as well as information about IEOs on Binance!
What is a Sandbox token?
Sandbox is a virtual world where users can build, own, and monetize their gaming experience on the Ethereum Blockchain using a native token called SAND. Players can generate tokens in the form of Non-Fungible Tokens (NFTs) and integrate them into games with Game Maker.
The Sandbox Foundation will support the Sandbox project ecosystem, providing grants to encourage users to produce high-quality content and more games on the platform. As of the time of writing, the Foundation has sponsored 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 integrated, providing a comprehensive experience for the production of User-Generated Content (UGC) - User-Generated Content.
VoxEdit is a voxel 3D model package that allows users to create and design motion for 3D objects such as people, animals, objects.
Sandbox Marketplace allows users to upload, publish, and sell asset types (ASSETS) produced in VoxEdit. The ASSETS are initially uploaded to the InterPlanetary File System (IPFS) network - the Interbank File System (IPFS) network and then registered on the Ethereum Blockchain to prove ownership. ASSETS can be traded if their owners list them on the Marketplace.
- Game Maker
Sandbox's Game Maker lets players build 3D games for free. With the help of tools on the network that do not require complicated knowledge of encryption, Blockchain, ...
What is a SAND token? What is SAND used for?
SAND is a native token on The Sandbox platform, used for activities on the network.
Specifically, SAND has the following use cases:
- Means of exchange: Players can collect SAND through games and then use SAND in reverse to play games, purchase equipment, or customize game characters. Meanwhile, SAND was also used to create ASSETS and Land.
- Management: SAND allows the owner to participate in governance decisions. SAND holders can vote on their own or authorize voting for other players of their choice.
- Staking: Users can stake SAND tokens to earn rewards.
The sandbox development team spent about 65% of the fundraising according to the allocation below:
- 52.31%: Divide equally to the team
- 27.69%: Project development
- 15.38%: Marketing expenses
- 4.62%: Platform administration
The Sandbox keeps all of its funds in cryptocurrencies, stablecoins, and fiat. If they want to use the fund, they need approval from at least two of the project's three executives.
Information about IEO The Sandbox (SAND) on Binance Launchpad
- Launchpad Hard Cap: $3,000,000
- Total supply: 3,000,000,000 SAND
- Initial total supply: 23.5% of total SAND supply
- Public sale price: $ 0.008333 (price in BNB will be determined before the draw date)
- Allocation on Binance Launchpad: 360,000,000 SAND (12% of total supply)
- Maximum number of winning tickets: 15000
- Allocation for each winning ticket: $ 200 (24,000 SAND)
Token Distribution Within 15 days after the end of the IEO sale opening
The Sandbox (SAND) lottery timeline
- 07:00 on August 6, 2020, to 07:00 on August 13, 2020: During this period, the user's BNB balance will be calculated by hourly snapshots for each day for 7 days. A user's final average daily BNB balance over these 7 days will determine how many tickets they can claim.
- 13:00 on 13/06/2020: Ticket claim will open at this time for all eligible users for 24 hours. Users must also sign the Token Purchase Agreement at the same time, before completing the ticket request. Please note that users will only be able to claim tickets once.
- 13:00, August 14, 2020: Ticket claims closed and lottery draw begins
- 15:00 August 14, 2020: The winning ticket is announced and the corresponding BNB will be deducted from the winning user's account. Please ensure you have enough BNB in your account to be deducted within 24 hours if you have a winning ticket.
Users will be able to claim up to 10 lottery tickets based on their average daily BNB holdings (represented by X below) over 7 days up to the ticket pick-up date.
For example, 50 ≤ X <100 means that your average BNB balance for the entire specified period is kept at 50 BNB or more, but not over 100 BNB.
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