The Sandbox (SAND) native token will now allow staking for its Polygon-based version. SAND already has representation on the Ethereum and Solana blockchains, and will open a new source of passive income.
The tokens, when transferred to the Polygon chain, will be represented as mSAND and will be the sole asset to be staked. There will be no need to combine SAND with LAND or an NFT to receive passive rewards.
SAND, standing at $4.22, is one of the more stable play to earn tokens, hovering near its peak value of $5. Its value is tied to one of the leading metaverse games, The Sandbox, which invites multiple brands and startups for exclusive deals on its metaverse land plots.
There are currently 108,426.88 SAND on Solana, and a total of 3B SAND on Ethereum. Some of the SAND has been transferred to the Polygon blockchain, for a total of 19,358 addresses.
For the first four weeks, SAND staking on Polygon will grant 500,000 mSAND per week. More announcements on future staking will be made in the future.
The staking mechanism for SAND is available through the Biconomy tool for gasless transactions. The smart contract for staking SAND is only given for reference, and no funds should be sent to the contract’s address. As of February 15, above $206,000 equivalent in SAND has been staked in the contract.
The Sandbox Attracts New Projects
The Sandbox builds up most of its value by inviting creators, setting up what can become one of the most active blockchain metaverses. Recently, Project Aurora joined the game, with the goal of creating high-end virtual architecture.
Another project to hitch on the metaverse is MetaResidence, building luxury metaverse homes with a view to future digital value.
The Sandbox remains the most influential collection of metaverse land plots on OpenSea, with a floor price of 3.64 ETH and recent estate sales at above 500,000 SAND.