In partnership with well-known companies like Tony Hawk, Snoop Dogg, and Playboy, among others, the Ethereum-based metaverse game The Sandbox will launch its three-part LAND auction on Thursday.
The Sandbox is a cryptocurrency-driven game similar to Roblox or Minecraft that uses blockchain technology to give users ownership of in-game assets via NFTs and the opportunity to exchange virtual land on marketplaces like OpenSea.
In the upcoming auction, 1,967 pieces of land will be up for bid, including 50 estates, 695 regular lands, 134 premium lands, and 19 1-of-1 parcels. Standard and premium lands will be sold using a blind balloting process. In a game, an estate is a collection of LANDs that have been linked together to form a single, larger parcel.
The foundation of The Sandbox game is LAND, an NFT-ified piece of virtual real estate. Similar to traditional real estate, users can buy pieces of land and utilize them for hosting activities or for trading on marketplaces. A total of 166,464 LANDs are available in the game, and each one is now worth 1.119 Ethereum.
The sale starts on November 24 with the California Dreamin’ wave, which features “California-themed companies like Playboy and The Marathon,” and continues through two more thematic launches before coming to an end in early 2023.
The Sandbox is working with several companies at once for the first time during a LAND sale.
Users now have the opportunity to be neighbors of multiple partners that share a similar theme, like choosing the district you want to live in for a city, thanks to the inclusion of multiple brands that share a similar theme, like the California brands of California Dreamin’, according to co-founder and COO of The Sandbox Sebastien Borget, who spoke with Decrypt.
Users will have the chance to “own a prominent virtual LAND and become Paris Hilton’s or Snoop Dogg’s neighbor, or even develop their own club adjacent to Cipriani,” he claimed, thanks to the blind ballot.
Users must have a minimum of 1,011 SAND, or $526.43 at press time, in their blockchain wallet in order to participate in the auction. One asset may be purchased by each user during the sale.
Borget commented on their choice to impose strict entrance requirements for the sale, such as forcing users to retain a minimum amount of SAND in their wallets and KYC security checks, saying he expects this strategy will democratize the transfer of assets.
Ensuring that we serve our community by pursuing decentralization and full control of its metaverse is the largest difficulty we’re confronting with our LAND sale, he continued.
A virtual neighborhood experience centered on the industries of fashion, media, and hospitality will be offered as part of the second wave of LAND sales, dubbed The Galleria. The third sale is anticipated for early 2023, with this one set for December 1.