Blockchain-powered gaming experience, The Sandbox, will hold a $3 million token sale for the ecosystem’s main utility token, SAND. The sale will be held through the Binance Launchpad platform.

The initial exchange offering, or IEO, will start on Aug. 13. This follows a private round investment by Binance Labs and will be only the third token sale held on Binance’s token launch platform so far this year.

Sandbox already making big waves

The Sandbox is a community-driven platform that allows users to play, create, and monetize gaming experiences within its metaverse.

It has already held a number of presales for its LAND tokens, representing virtual space in the game. As Cointelegraph reported, both the second and third pre-sales sold out — the third in just five hours. The fourth LAND presale is currently underway.

The platform has also secured over 50 partnerships with other companies in the gaming space. This has included a $2 million investment round in Q3 2019, led by Japanese developer and publisher, Square Enix.

Gaming giant Atari has also brokered a deal to create versions of classic games like Asteroids, Centipede, Pong, and newer creations such as Rollercoaster Tycoon within the Sandbox platform.

Levelling up with Binance involvement

SAND is the main utility token in the Sandbox metaverse, and will be used by gamers and creators to buy and sell LAND and ASSETS, and provide rewards to creators and LAND holders. It will also allow holders a chance to participate in decentralized governance.

The Sandbox co-founder and CEO, Arthur Madrid, explained to Cointelegraph the benefits of partnering with Binance, and the unprecedented engagement it has had with players during the recent period of global lockdowns:

“There is an incredible expectation around the Metaverse concept and economy, and we do believe millions of players are interested in exploring the benefits of decentralization, interoperability, and the creator's ecosystem. Having Binance as a partner will help The Sandbox to bridge the gap and help on boarding the Roblox and Fortnite generation to a new gaming experience where they can own, earn and trade everything in the game.”

The $3 million token sale will start on Aug. 13 at 6:00am UTC. As with other IEOs held on the Binance platform, it will take on a lottery format. Users will be able to claim up to ten tickets based on their average Binance Coin (BNB) holdings in the seven days preceding the sale.

A maximum of 15,000 winning tickets will then be drawn, each being allocated 2,400 SAND tokens at a total price of $200.

Binance’s involvement, both as an investor and host for the token sale, brings benefits such as easy future trading of the in-game tokens on the Binance exchange. Binance CEO, Changpeng Zhao, commented:

“We are delighted to welcome The Sandbox to the Binance ecosystem. We hope that together we will be able to spread the power of blockchain as the lead technology in the gaming industry.”