Logll Tech News โ The metaverse platform, The Sandbox, recently made an important announcement on August 3.
- According to the announcement, the platform will now require Know Your Customer (KYC) verification for its staking processes. This move aims to enhance user security and compliance with regulations.
๐ To enhance user security and compliance, we have implemented KYC verification for our staking process. Our goal is to ensure that our users' accounts are verified before they can participate in staking or claim their earnings.
— The Sandbox (@TheSandboxGame) August 3, 2023
Unverified users can still withdraw their $SAND,โฆ
๐ KYC Verification for Staking: A Step Towards User Security
The Sandbox developers emphasized the importance of user security and compliance. They explained that only verified users would be allowed to deposit The Sandbox tokens and claim staking rewards. On the other hand, non-verified users will be placed into a withdraw-only mode, limiting their access to certain functionalities.
123 Million SAND Tokens Staked
Data from blockchain analytics firm Messari reveals that a substantial 6.7% of the circulating supply, amounting to 123 million SAND tokens, is currently staked by users. This shows a significant interest in staking within The Sandbox community.
Source: State of The Sandbox Q2 2023
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Background: The Evolution of SAND
The journey of SAND began when it was deployed on the Ethereum blockchain in 2012 by San Francisco gaming firm Pixowl. The vision behind SAND was to create a 3D metaverse utilizing blockchain technology. In 2018, this vision took a major step forward when Hong Kong-based Animoca Brands acquired Pixowl via its subsidiary TSB Gaming. This acquisition further solidified the commitment to building The Sandbox metaverse.
SEC Designates SAND as a Security
In a recent development, the United States Securities and Exchange Commission (SEC) identified SAND as one of the 68 cryptocurrencies considered securities. This classification emerged from the SEC’s lawsuits against major cryptocurrency exchanges Binance and Coinbase.
๐บ๐ธ Yat Siu Criticizes SEC Regulations
Following the SEC’s classification, Animoca Brands co-founder Yat Siu criticized the lack of consistency in SEC regulations. He also commended Hong Kong’s evolving stance on blockchain technology, indicating a potential shift in the global regulatory landscape.
๐จ Unverified vs. Verified Users: What’s the Difference?
With the new KYC verification requirements in place, it’s essential to understand the implications for unverified and verified users.
Unverified Users: Even though unverified users can still withdraw their $SAND tokens, they won’t have access to deposit new tokens or claim weekly rewards.
Verified Users: On the other hand, verified users can fully participate in staking and enjoy the benefits of claiming their earnings.
๐ The Sandbox Metaverse: A Promising Future
The Sandbox has already achieved significant milestones, with over 4 million monthly active users and notable partnerships with major brands. The launch of its native token, SAND, has further empowered creators and businesses within the metaverse. While currently in alpha testing, The Sandbox continues to develop and improve, aiming to become the premier virtual world experience.
I'm Lovin' this parcel. Well done @McDonalds!
— Yxji (@mryxji) August 3, 2023
Great execution. Creative direction, quests, color schemes, buildups, puzzles went perfect with both @TheSandboxGame and mcdonalds' branding.
One of the best if not the best.#sandbox #mcnuggetsland pic.twitter.com/JfwtsnPUtZ
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๐ FAQs: Addressing Key Questions
The primary goal is to enhance user security and ensure compliance with regulations by verifying user accounts before they can engage in staking and claiming earnings.
Yes, unverified users can withdraw their tokens, but they won’t be able to deposit new tokens or claim rewards.
Approximately 6.7% of the circulating supply, equivalent to 123 million SAND tokens, is staked by users.
SAND was deployed on the Ethereum blockchain in 2012 by Pixowl.
The Sandbox has partnered with brands like Adidas, Atari and The Walking Dead.
SAND tokens can be used to purchase land, assets, and services within The Sandbox Metaverse. Additionally, they are tradable on cryptocurrency exchanges.
The Sandbox team aims to make their metaverse the most popular and immersive virtual world globally, with plans to continuously add new features and content.