How to Buy The Sandbox
The Sandbox Price in USD: Convert to US Dollar
With the advent of the metaverse, cryptogames, and NFTs, projects like The Sandbox began to gain attention and become popular. The Sandbox team is creating a unique virtual world where its members can monetize their game experience with SAND, the platform’s utility token.
TGDRatings.com experts will talk in more detail about The Sandbox project, its native coin SAND, and where and how to buy this cryptocurrency.
What is The Sandbox
SAND is the utility token of The Sandbox ecosystem. It is used for transactions and performs other functions on the site:
- Purchasing: you can buy game assets of the site, character art, decorations, lands (digital real estate of the metaverse), games, etc.;
- Platform access: for players, creators, artists;
- Governance: allows holders to participate in governance. SAND owners can vote themselves or delegate the right to vote to other players of their choice;
- Staking: the ability to stake, which allows you to receive passive income from owning land.
The coin runs on the Ethereum blockchain (ERC-20 standard). The total supply of SAND is 3 billion coins. SAND is also a governance token. Its owners have the right to participate in decision-making on various issues of ecosystem management or can transfer their voting rights to other players.
Where to buy The Sandbox
Although there are several ways to buy SAND (payment systems, banks like Revolut, etc.), it is most profitable to buy a coin on cryptocurrency exchanges.
Instructions on buying SAND
A brief guide to buying SAND consists of 5 steps.
Decide on the level of risk
Determining the level of risk and required reward is a key aspect of determining an investment strategy. At the same time, you should always remember that investing in crypto assets is associated with a high risk due to volatility and difficult predictability. So don’t buy coins with all your money and with funds you can’t afford to lose.
Choose a crypto exchange
The main parameters to consider when choosing an exchange to buy SAND: security, liquidity, fees and user experience (reviews). The best exchanges to buy SAND based on the these criteria are:
Register the account
To trade on the exchange, new users must first register an account. Let’s show how to create the account on Binance exchange. Our choice is based on the fact that it is the largest exchange in terms of trading volume and is well established in the crypto space (you can choose any exchange based on your preferences).
To register on Binance, follow these steps:
- Open Binance official website;
- Click Register at the top of the main page;
- Specify country of residence → select Create Personal Account;
- Fill in account details: (email address, create strong password, referral code (if have one) → Next;
- Enter activation code that will be sent to your e-mail, and after that the code you received on your phone.
Following these steps will allow you to register an account and start working with the exchange.
Top up your account
When replenishing your account, you need to choose not only the most convenient method, but also consider which currency pairs the coin is traded. On Binance, SAND is traded in pairs with BTC, USDT, BUSD and other coins.
For example, let’s make a deposit in USDT. For this:
- Click Wallet at the top of your personal account → select Fiat and Spot;
- Select USDT as the currency to depositing, specify the network and copy the address that has been generated by exchange;
- Insert copied address in the wallet from which you will transfer cryptocurrency to Binance → click Send;
- Check the receipt of funds.
Buy The Sandbox (SAND)
Let’s consider buying SAND with USDT on the spot market of Binance. For this:
- Log in to your personal account;
- Click Trade → Spot;
- Select the trading pair SAND/USDT;
- Select preferred order type, e.g. Market;
- Fill in the line with the SAND purchase amount;
- Press Buy SAND.
How to sell The Sandbox
Selling SAND is not much different from buying, but after selecting the order type in the right corner of the terminal, fill in amount and click Sell SAND.
Where to store SAND
You can store SAND in “cold” and “hot” wallets.
Hot wallets include desktop and mobile apps. They are more convenient to use when you actively trading on the exchange or if you need instant access to your wallet. Since these vaults are constantly connected to the internet, additional security measures such as two-factor authentication and a strong password need to be taken care of.
Among the “hot” wallets for storing SAND, we may note:
- Trust wallet is a multi-coin mobile crypto wallet. The application allows you to buy, store, cryptocurrencies and NFTs. Trust is the official wallet of Binance;
- Atomic wallet — mobile and desktop wallet for storing, purchasing, staking and exchanging cryptocurrencies. The advantage of the wallet is that the private keys and mnemonic phrase are encrypted and never leave the device using wallet. There are also no verification and KYC procedure needed.
The most secure storage of assets is provided by hardware cold wallets. A good choice for this type of storage is a multi-currency wallet Ledger nano which stores the user’s private keys in a certified security chip (CC EAL5+).
How to withdraw The Sandbox to my wallet?
To withdraw SAND from the Binance exchange wallet to a mobile wallet, for example, to Trust wallet follow next steps:
- Login to your Binance account;
- Select Wallet → Fiat and Spot;
- Select the coin SAND and press Withdraw;
- Specify network for transfer, for example, ETH (networks for withdrawing from the exchange and in the receiving wallet must match, otherwise you will lose money);
- Open a crypto wallet for SAND withdrawal, for example, Trust wallet;
- Select SAND in wallet;
- Press Receive, then address and QR-code will appear;
- Copy the received address and paste it into the Address line in the withdrawal window on the exchange → confirm the transaction;
- Check if you have your SAND in your Trust Wallet.
SAND is the internal cryptocurrency of the platform that is used to reward gamers, make various transactions and interactions on the platform.
- Top up to your exchange account (e.g. Binance);
- Open spot trading terminal;
- Select trading pair with Sand (e.g. SAND/USDT) → select order type (e.g. Market) → enter amount → click Buy SAND.
However, one should always remember that cryptocurrencies are volatile and risky investments.