- Users will own their data and their identity
- The Sandbox provides all of the content creation tools and makes monetization possible
- In Web2, the service was free, but the user was being monetized
Sebastien Borget, cofounder and COO of The Sandbox, discussed their business model and the prospects of the metaverse and Web3 in an interview with CNBC’s Squawk Box.
The Sandbox’s token (SAND/USD) rose on news of a partnership with global content leader Lionsgate, announced in a Medium post on Wednesday. Under the partnership, the Sandbox and Lionsgate will develop the dedicated “Action City,” an exciting entertainment destination.
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Putting the users and the community first
Sebastien Borget’s professional career began at 1-Click Media, where he met the other founder of The Sandbox, Arthur Madrid. He told CNBC’s Squawk Box:
We’re putting the users and the community first. Users will own their data and their identity. You can finally move data between services without being restricted. We’re enabling multiple use cases, including cryptocurrency, NFTs, and the metaverse, where users…can access more immersive experiences and keep their data and their identity, and use their cryptocurrency across all of the decentralized virtual worlds that use that technology.
How does The Sandbox fit in?
According to its COO, The Sandbox provides all of the content creation tools and makes monetization possible using technologies and NFTs. The Sandbox is pushing for a more decentralized play-and-earn model, where creators are rewarded through their content and players are rewarded for their engagement.
The host asked:
If companies don’t own data anymore, aren’t we talking about large-scale disruption to business models that monetize the data they own?
Sebastien Borget agreed it was a major disruption compared to Web2, where “the service is free, but the user is being monetized,” adding:
It’s very transparent to all users. We only take 5% as a royalty fee on the content and the transaction.
The model benefits the user and the platform because the latter’s revenue stream grows through the increasing asset trade.
About The Sandbox
The Sandbox is a blockchain-based digital world where users can build, sell, and buy assets in the form of a game. Its core mission is to make blockchain technology part of mainstream gaming.
The SAND utility token facilitates transactions on the platform. At the time of publication, it was changing hands for $0.87 with a 24-hour trading volume of $470 million. SAND is up 4.13% in the last 24 hours.