July 21, 2024
The Role of Crypto and NFTs in The Sandbox's Ecosystem
NFT

The Role of Crypto and NFTs in The Sandbox’s Ecosystem

A platform for NFT games with voxels The Sandbox announced on Tuesday that it had hired Nicola Sebastiani, a veteran of the video game business, to serve as its chief content officer and assist in growing the company’s creative economy.

Sebastiani has years of experience in the gaming industry, having worked on the mobile team at Ubisoft, co-founded the Apple Arcade subscription service for the App Store, and now oversees PlayStation’s mobile strategy for the past two years. With the release of The Sandbox, he has now entered the Web3 realm.

“I think that we are at a historical shift in gaming,” Sebastiani stated in an interview. “We are fully entering the creator economy.”

User-generated content, or UGC, is a trend in gaming, according to Sebastiani, that will only continue to grow. Sebastiani stated he wants people to feel free to utilize the platform any way they wish, whether it be for socializing or experimentation, even if The Sandbox’s larger platform mainly provides mini-games and gaming experiences.

“I think of us as a social platform,” Sebastiani stated of The Sandbox.

Sebastiani will be in charge of the company’s development of The Sandbox tools Game Maker and VoxEdit in addition to the game’s creator economy, internal game production, game publishing, and The Sandbox tools.

The Sandbox differs from other gaming platforms like Roblox, Fortnite, and Minecraft in that it necessitates some understanding of and familiarity with crypto and NFTs. Users can link their cryptocurrency wallets, buy in-game goods using the SAND token, and purchase virtual land NFTs to play on and construct.

“I think it’s critical to The Sandbox as far as ownership, as far as giving creators and players leverage on their achievements, what they build,” Sebastiani stated of the platform’s crypto elements.

Giving creators the chance to publish and maybe monetise their own experiences is a significant step toward empowering them. By the end of this year, sandbox gamers will finally be able to create and independently share their experiences, according to the corporation.

Sebastiani stated that the 5% platform fee collected by The Sandbox, which has about 4.5 million registered cryptocurrency wallets, “is reinvested in the community” through a variety of channels, including the business’ Game Makers Fund.

In contrast, Roblox presently takes 30% of creator revenue, Epic Games takes 12%, and rival NFT-powered platform Decentraland currently takes 2.5%.

According to data from cryptocurrency monitoring company DappRadar, The Sandbox saw 3,840 different active wallets interact with the platform in the last month, resulting in a total volume exchanged of $2.26 million. About 2,770 different wallets generated about $19,880 in Decentraland.

In comparison to industry giants like Roblox, which has over 200 million monthly active users, crypto-powered game platforms are, on the whole, much smaller. Similar figures are seen for Epic’s Fortnite, which has roughly 230 million active players per month as the platform increasingly emphasizes user-generated content.

As the creator economy changes, the Sandbox and other crypto-powered metaverse platforms could need to keep enticing artists if they want to remain competitive. The $250 billion creator economy is expected to continue to expand and might reach a $480 billion industry over the next three years, according to a prediction made by Goldman Sachs earlier this year.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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