How to Buy Land in the Metaverse: Sandbox

Sandbox is one of the most popular metaverse platforms on the internet. While much of the platform is oriented towards gaming, there is a native economy and token that undergirds the entire platform, making it unique from nearly all other games before it. In Sandbox, players can use native blockchain tokens to purchase plots of digital land. These pieces of land are limited (scarce) and are already attracting big names and brands like Snoop Dogg, PricewaterhouseCoopers, JPMorgan Chase, and more. Players are attracted to the platform for the uniquely immersive experience, but companies are also looking at digital land in the metaverse as the next frontier of marketing and customer engagement. Sandbox, being one of the largest metaverse platforms, is an obvious choice for many of these companies to set up shop.

What Is the Metaverse?

The metaverse has no strict definition. However, the metaverse can be defined by a set of characteristics common to all metaverse platforms. First, the metaverse is a digital reality that replaces or overlays digital visuals on the physical world. Sandbox, being somewhat of an outlier, doesn’t employ augmented reality and only employs virtual reality to a very limited degree. The vast majority of a user’s interaction with the Sandbox platform happens with the use of laptop and desktop computers. 

Second, the metaverse provides a digital context to users to interact with each other and the world around them in a free-flowing manner. Finally, metaverse platforms have a sense of object permanence, meaning that events continue apace whether or not a user is actively logged in or engaged with a given platform. These characteristics combine to create an experience that is truly distinct from other digital experiences, especially on recreational metaverse platforms like Sandbox.

What Is Sandbox?

Sandbox is a metaverse platform that is built atop the Ethereum blockchain, giving the platform unique characteristics and capabilities. The introduction of digital tokens gives Sandbox a tie to physical-world financial systems that did not exist in previous digital environments. SAND, which is Sandbox’s token, is also tied to the blockchain, allowing users to create digital goods and exchange them for tokens. These tokens can later be exchanged for other cryptocurrencies like ETH, BTC, and USDT. The link between Sandbox and other metaverse platforms allows users to exist in a “creator economy,” which gives individuals the ability to make money on the platform. 

One of the main features of the Sandbox is the ability to own digital land. This digital land shares analogous features with physical real estate such as desirability, scarcity, and productivity. Those users that own a piece of Sandbox land own one of a limited number of land plots where they can create experiences and charge other users to engage in those experiences.

What Are NFTs?

The land in Sandbox exists as NFTs, which are non-fungible tokens. The non-fungibility refers to the inherent scarcity of the digital asset. When digital land exists as an NFT, it has non-fungible characteristics that make the assets unique and valuable. NFTs are imbued with non-fungible characteristics through blockchain technology.

Blockchain and NFTs

Blockchain technology imparts non-fungibility by adding unique metadata to a digital asset. Once memorialized on the blockchain, these metadata are immutable and therefore cannot be carbon copied. Blockchain technology allows NFTs to exist through distributed ledger technology so that once an NFT is minted, its unique ownership can be independently verified. In this sense, blockchain technology acts as a sort of deed registry where individuals or companies can prove their ownership of Sandbox land and other NFTs.

Buying Land in Sandbox Step by Step

Buying land in Sandbox is a simple process. Because of the connection between physical-world finance and Sandbox tokens, it’s necessary to use real funds to purchase land within Sandbox. The first step is creating an account on Sandbox, which can be accomplished through navigating to their website and signing up for an account. Second, the user will need to connect a cryptocurrency wallet to the Sandbox account. Once a user has a wallet, real funds must be deposited into the wallet where entry-tokens like USDT, BTC, or ETH can be purchased and exchanged for Sandbox’s native token, called SAND. Next, the user must navigate to Sandbox’s NFT exchange, find a piece of land that seems appealing, and then purchase it. Once the purchase is done, the NFT ownership transfers from seller to the buyer and is stored within the same cryptocurrency wallet.

Why Businesses Should Consider Owning Metaverse Land

Businesses should seriously consider entering the metaverse and purchasing land in Sandbox and other platforms. Several big companies and names such as Snoop Dogg, DeadMau5, Adidas, and HSBC have taken the first step to purchase digital land within Sandbox. These companies and individuals are using the Sandbox environment to engage with new, younger customers and build a solid base of business with them. Most recently, a game within Sandbox called the “Kuniverse” was created to coincide with the World Cup. Businesses who can learn from the “Kuniverse” and manage to incorporate the metaverse into multi-channel marketing programs will find a pool rich with revenue.

Conclusion

Sandbox land could be the ideal move for creators and businesses to engage with new customer bases on their terms. The Sandbox land ownership, depending on a business’ goals, could be an ideal next move in their marketing strategy. The first step to engaging with metaverse technology and working in the metaverse is receiving a formal education like the Wharton School’s Business in the Metaverse Economy course. The metaverse course covers case studies from finance, retail, advertising, entertainment, and other sectors to help participants understand the potential of the metaverse. Participants will learn about the current state of the metaverse, active builders, and the economic and technological factors that will drive future development. For more information or to enroll in the metaverse program, visit our information page.

‍

This article is for marketing purposes only and does not intend to represent the opinions of the program.