Binance, the world’s leading digital currency exchange in terms of trading volume, has purchased a virtual property in The Sandbox the top blockchain gaming platform. Reportedly, the major cryptocurrency exchange bought 4,012 LAND tokens. These tokens are basically non-fungible tokens and each one of them represents a virtual real estate piece in the blockchain game The Sandbox.
Organizing social gaming events
As the largest cryptocurrency exchange has bought a large number of LAND tokens, it is planning on using them for organizing game creation contests as well as some gaming events like NFT in this gaming platform. During these game creating contests, those who win will be provided with LAND tokens as their reward.
The native utility tokens of The Sandbox’s ecosystem are LAND and SAND. These tokens are used by users in the virtual space of The Sandbox for the monetization and creation of gaming experiences.
So far now, around four LAND presales have been organized by The Sandbox and $1,500,000 worth of tokens were sold during these presales. When the first token sale occurred, around 3,000 LAND token’s pieces were sold within the duration of just four hours. After this token sale, the blockchain gaming platform witnessed a significant increase in its demand. The demand also increased after the other three presales as well.
The Sandbox already has a wider user base that involves more than one million active users monthly and has 40 million downloads as well. The blockchain gaming platform is now looking forward to expanding the adoption of its platform further with the help of the major cryptocurrency exchange Binance who has recently tapped into it.
Moreover, the public beta release of The Sandbox is expected to occur in the month of December 2020.