The Metaverse’s potential covers various tech aspects like virtual and augmented reality. The technology is predicted to bring a significant disruption across industries, possibly yielding a massive revenue opportunity of over $1 trillion. While big tech players like Meta are exploring virtual reality social platforms, others are venturing into user-generated games and NFTs, attracting companies seeking opportunities to engage tech-savvy consumers and make money.
The Sandbox is a virtual world on the Ethereum blockchain where players build, own, and monetise their gaming experiences.
Developer Pixowl transitioned its initial mobile gaming success to the blockchain in 2018, aiming to revolutionise user-generated content gaming. Over 50 partnerships, including Atari and Square Enix, contribute to the metaverse’s growth.
The Sandbox offers true ownership of creations as non-fungible tokens (NFTs) and rewards participation. The blockchain gaming platform boasts three integrated products that enable user-generated content (UGC) creation, offering copyright ownership through blockchain and smart contracts.
VoxEdit, a 3D voxel modelling tool, allows easy creation of NFTs for the marketplace. The NFT marketplace lets users upload, publish, and sell creations, while the Game Maker facilitates 3D game creation without coding.
The platform uses tokens like SAND, LAND, and ASSETS for transactions, and Gems & Catalysts define ASSET scarcity.
Recent additions to The Sandbox
Despite rumours of waning enthusiasm, significant brands continue to engage with the metaverse, including in The Sandbox. The platform has successfully partnered with a range of well-known entities, such as Adidas, Gucci, The Walking Dead, Elvis Presley, Ubisoft, Warner Music Group, and even Snoop Dogg.
The British Museum announced its partnership with The Sandbox to create NFT digital collectables reflecting the museum’s collections in the last week of July. The collaboration will offer immersive experiences and feature an immersive space within the game. The museum’s focus is on innovative sharing and past NFT collaborations, like an auction of Katsushika Hokusai’s works.
Just a week prior, McDonald’s Hong Kong had introduced McNuggets Land in The Sandbox To celebrate the 40th anniversary of Chicken McNuggets. The virtual world features lively gameplay, anthropomorphised nugget characters, sauce-inspired decor, and quests with both real-world and blockchain-based rewards. The game, accessible globally, will be live until August 28, offering diverse rewards like coupons for local McDonald’s meals for Hong Kong players and NFT-based in-game items and SAND crypto tokens for players worldwide.
The Sandbox’s popularity among big brands might only be contended by Decentraland. The main distinction between the two brands lies in their focus.
The Sandbox emphasises user-generated content, allowing the creation of virtual worlds, characters, and games. In contrast, Decentraland offers pre-built districts for property development. Additionally, graphics vary, with The Sandbox having more realism and Decentraland showcasing a cartoonish style.
In addition, starting in The Sandbox is more accessible for many brands due to its less expensive SAND tokens for purchasing virtual land, whereas Decentraland’s pricier LAND tokens make entry costlier. However, The Sandbox may have higher competition due to its affordability.
iGaming in Metaverse
Much like the captivating universes depicted in the classics like Tron, Total Recall, The Matrix, and Ghost in the Shell, the allure of the Metaverse lies in its power to offer a form of escapism. Hence, it is largely popular among the gaming community, including those in iGaming.
Take Metaverse casino, for instance. This innovative casino mirrors traditional establishments, offering live dealer games and a dynamic platform accessible across devices.
Metaverse casinos redefine online gambling with virtual worlds, blockchain, and fair play. Utilizing decentralised networks such as Bitcoin or Ethereum, these casinos remove the house edge and offer benefits like bonuses, quick payouts, and anonymity. For certain Metaverse casino games, like poker, wearable NFT ownership grants entry, with NFT owners earning from winnings and players enjoying risk-free play.
Since Metaverse casinos leverage cryptocurrencies and NFTs, players need a crypto wallet and tokens like MANA, ETH, or DAI to engage in Metaverse casino games. They also require fiat-to-digital conversion. However, this also means they offer security, transparency, and anonymity for instant transactions.
The Metaverse technology offers solutions for fraud and cheating challenges faced by online casinos. Decentralised identity solutions protect privacy, allowing participation without unnecessary personal data expos
re. Blockchain-based smart contracts enhance transparency and fairness.
However, in many regions, legal uncertainties arise due to the absence of a regulatory framework for metaverse gambling. Recent crackdowns on metaverse and crypto are making it clear that rules are a must. We’re talking about things like responsible gaming, shady business, and taxes.
As the metaverse gaming scene grows, the authorities need to address emerging issues, including age verification and jurisdictional laws.