The gaming industry is betting big on resources to bring blockchain technology into its projects, especially in the development of metaverses that will enrich the gaming experience. The Sandbox is one of the most popular blockchain game projects that provides players with a unique virtual experience.
The Sandbox is a play-to-earn blockchain game that allows users to construct a virtual environment using Ethereum NFTs. Players can create their own avatars to access The Sandbox metaverse's various games, locations, and hubs.
The Sandbox is mainly remembered for its two big mobile hits, The Sandbox (2011) and The Sandbox Evolution (2016), which together have had over 40 million downloads on iOS and Android.
The surge in popularity of NFTs, on the other hand, was a massive step forward for the sandbox metaverse. NFTs have been important in the development of Sandbox as a metaverse. in 2018, the co-founders Arthur Madrid and Sebastien Borget decided to explore the potential of creating a 3D metaverse on the blockchain. The idea is to disrupt incumbent game developers such as Minecraft and Roblox by giving creators true ownership of their creations in the form of NFTs and rewarding them for their contributions to the ecosystem.
Users of the Sandbox can be gamers, artists, curators, and even landowners. To establish a circular economy amongst all types of users, the company includes multiple token types such as SAND, LAND, and ASSETS.
On the land sale, players purchase LAND tokens in order to populate interactive games, resources, and experiences. LAND is a piece of digital real estate or in-game assets that players can fill with games made with Game Makers and assets created with VoxEdit.
In The Sandbox, SAND is the cryptocurrency used to purchase LAND tokens. It's an ERC-20 token that serves as the foundation for all transactions and interactions in The Sandbox ecosystem. Players can trade 4683 SAND for LAND.
The token ASSETS are based on the ERC-1155 standard and can be traded on the market. Their primary purpose is to be used as building blocks in The Sandbox Game Maker.
The ecosystem of the Sandbox is made up of three basic components. Building 3D models and designing game items is feasible with VoxEdit; trading these products is possible with Marketplace, and the Game Maker interface allows users to create their own games with scenarios inside Sandbox using no-code solutions like script templates. The three work together to create a complete user-generated content (UGC) production experience.
Sandbox has partnered with a number of well-known clients, including Snoop Dogg, who constructed a virtual mansion in Sandbox, and The Walking Dead, who have produced a gaming experience to be discovered.
Companies including Adidas AG, Warner Music Group, and Carrefour SA have lately bought virtual plots for various metaverse operations, highlighting the gaming giant's growing popularity.
Now, the blockchain-based online game seeks to raise $400 million in a fresh funding round that would put its valuation at $4 billion. As the reports surfaced, The project's native SAND token climbed by double-digits and is boasting a market capitalization of around $3.27 billion.
The COO and co-founder of Sandbox, Sebastien Borget, said at the beginning of the month that the platform might carry out new funding round in the year.
Ethereum DeFi Protocol Beanstalk Hacked for $182 Million.
Over the weekend, a hacker reportedly used a flash attack to steal $182 million in Ethereum, BEAN stablecoin, and other assets from the Beanstalk stablecoin protocol in the fourth-largest decentralised finance (DeFi) vulnerability to date.
The hacker made off with $80 million from the Ethereum-based project, according to security firm PeckShield, with the rest used to pay fees on decentralised exchanges and loan services like Uniswap and Aave respectively. These DeFi technologies allow users to trade, lend, borrow and earn interest without using a financial intermediary, but they are not risk-free.
The hacker leveraged a flash loan, which allows anyone to borrow an item for a rapid trade and subsequently refund the asset in a single complex transaction using many protocols. The $80 million has already passed via Tornado Cash, a coin mixing technique used for privacy—and, in this case, ill-gotten laundering gains, according to PeckShield.
Beanstalk Farms, the company behind the protocol, admitted the breach on Sunday, tweeting, "We're asking the DeFi community and experts in chain analytics to help us limit the exploiter's capacity to withdraw assets via [centralised exchanges] as a decentralised initiative. If the exploiter is willing to talk, we are as well."Beanstalk bills itself as a "decentralised credit-based stablecoin. But unlike other stablecoins like tether and USDC, the beanstalk isn't pegged to a dollar or collateral; it uses an algorithm to ensure BEAN holds its value.
Its credit-based system theoretically helps limit supply shortages because the number of collateral people do not limit it can bring; creditors fill the gap.Beanstalk Farms hasn't said who was the most affected by the hack, but the hacker appears to have wiped the protocol clean.
BNB Chain Burns Over $770M Worth of BNB Tokens
According to statistics from trackers, BNB Chain will burn around 1.8 million Binance coins (BNB) in its first burn this quarter.
Binance CEO Changpeng Zhao said in a tweet that "$741,840,738 worth of #BNB will be taken out of circulation soon." The burn would cost an average of $403 per BNB.
BNB is the native coin of the BNB Beacon Chain and BNB Smart Chain, and it fuels the BNB Chain ecosystem. Binance, a cryptocurrency exchange, issued it following its ICO in 2017.
To lower its total supply to 100,000,000 BNB, BNB uses an auto-burn method. Based on the price of BNB and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter, the auto-burn mechanism modifies the amount of BNB to be burned.
Meanwhile, data shows that an estimated 1.8 million BNB would be destroyed next quarter, with the date set for August. BNB is currently trading at $419, up 4.9 per cent in the last 24 hours.
Token burns are supposedly deflationary and usually meant to bring a store of value appeal to the cryptocurrency. In crypto, a deflationary token is the one whose circulating supply will decrease over time, thus making it inflation-resistant or store of value asset.