On August 5, 2020, Binance CEO CZ tweeted about an upcoming initial exchange offering (IEO). The IEO is set to take place on the Binance LaunchPad for a new gaming project known as “The Sandbox.”
The Sandbox is one of the blockchain-powered gaming platforms currently in development. The virtual world of Sandbox consists out of lands, and voxels fill up each of those lands.
This gaming project developed by TSB Gaming has secured private investment from Binance Labs and has partnered with some significant startups, including the renowned Ethereum-based CryptoKitties and Opera browser.
Binance now plans to raise $3M through a token offering on Binance LaunchPad on August 13 at 06:00 am UTC (+0). The primary utility token of the platform, dubbed SAND, will be offered through the lottery-ticket IEO format.
Binance announced that investors can purchase about $200 worth of SAND per ticket, and the number of tickets each applicant gets is tied to how many BNB coins they hold. In total, there will be 360M SAND tokens available for sale on the Launchpad.
Gaming-Related IEO Stirs the Crypto Community
The news that Binance’s exclusive token launch platform for transformative blockchain projects will support a gaming project for its third project of 2020 has shocked many in the crypto community who thought that the next IEO would be DeFi related.
The Sandbox dev team is creating a remarkable virtual gaming world where players can build, own, and monetize their gaming experiences using SAND Non-Fungible Tokens (NFTs).
SAND holders will also be allowed to actively participate in the gaming platform’s governance via a Decentralized Autonomous Organization (DAO).
For TSB Gaming, this upcoming IEO on Binance is the perfect way to determine the market value for their SAND token, which has a total supply of 3 billion dollars.
Arthur Madrid, CEO and Co-Founder of The Sandbox, noted that the strategic partnership with Binance and its $3M investment helped the platform attract more than 2.7 billion gamers.
The Sandbox Land Presale is Sold Out
The first round of the final land pre-sale started yesterday (Tuesday, August 4) and sold out in less than 24 hours, with 75% of land sold in the first 30 minutes.
The beta test for the gaming platform is scheduled to launch later this year, but there will be one more pre-sale before then.
During this pre-sale, interested gamers, startups, and investors will be able to buy virtual land at a discount.