Binance has announced its third IEO for this year and plans to raise $3 million for The Sandbox (SAND). The project is working on a game world that works on a block chain basis and is designed by users themselves. SAND is the internal means of payment.
Binance‘s IEOs have earned a reputation for offering investors great profit opportunities. In the past, IEOs have always been oversubscribed several times and the offered Altcoins exploded in price, at least in the short term, as soon as they were listed with Binance after the IEO. Thus, Binance’s latest IEO, The Sandbox (SAND), is also likely to meet with great interest. In a blog post Binance has listed the rules of the game for SAND’s IEO. Whoever wants to participate should hurry up. Because the qualification phase starts in the night of tomorrow’s Thursday.
The Sandbox (SAND) at Binance: How the IEO works
As usual, Binance has opted for a lottery system for its IEO, which randomly determines who gets SAND at all. In order to obtain tickets, credit balances in Binance Coin (BNB) must be held at the crypto exchange from 6 to 13 August 2020. The BNB uses hourly snapshots to determine the average number of BNBs held by each interested party over the 7 days. Depending on these snapshots, lots are allocated: one lot for 50 to 100 BNBs, two lots for 100 to 150 BNBs and so on until the maximum of 10 lots is reached with more than 500 BNBs.
In the actual lottery on 14 August, 15,000 winning tickets are drawn. Each of them will receive 24,000 SAND worth 200 US dollars, which will then be paid in BNB. Binance wants to generate 3 million US dollars for The Sandbox and the project will bring 12 percent of all SAND to the market.
Background on The Sandbox (SAND)
The Sandbox is the translated version of the Sandbox and outlines the project quite well – The Sandbox wants to enable gamers and creative people to let off steam in a virtual world and buy land there, for example, on which games of all kinds will find their place. Among the cooperation partners are illustrious names like Atari, which wants to promote its video games on The Sandbox. The comic series Shaun the Sheep will show their cartoons on The Sandbox, and the Korean Game Academy SBS will contribute instructions for the creative use of The Sandbox. Binance has also made a financial contribution to The Sandbox.
In previous sales of SAND, $0.0036 was called at the first seed sale when a good 550 million SAND were sold. In a strategic sale, the price of SAND was 0.0050 US dollars and the current IEO is 0.0083 US dollars. This probably includes the fact that The Sandbox has so far been able to keep to its schedule and is on the verge of providing users with tools for creating games and content. Binance CEO Changpeng Zhao praises The Sandbox as an opportunity to anchor block-chain technology in the game industry.
Conclusion: IEO from SAND seems promising
Naturally, no one can guarantee that the scenario of quick profit-taking for successful participants of an IEO lottery from Binance will be repeated at SAND. But the chances are good: The Sandbox is already technologically advanced and has found renowned partners and a growing community. Remember the sustainable success
of the video game Minecraft, which like The Sandbox is based on an open game world. In the crypto industry, Decentraland (MANA) has been attracting a lot of attention with a similar concept for years, but can no longer tie in with early all-time highs.
In the future, The Sandbox will have to be judged on whether it succeeds in attracting many active users and keeping its promises in terms of ease of use. In any case, thanks to the IEO, SAND has the potential to provide investors with significant profits in the following initial listing. In this respect, there is little reason why investors should not try to win tickets at Binance. Since the IEO was announced, BNB has increased by almost 5 per cent and thus more strongly than the trends on the market as a whole. This, too, is an indication that investors are now stocking up on BNB in order to preserve their chance of being allocated SAND.