NFT? Visrtual Asstes？What are the virtual assets on The Sandbox？Let PANGU guide you through!
Metaverse 101 #1 — In the discussion about entering the metaverse, it was mentioned that the metaverse has its own independent economic system. In this article, we will guide you to understand the virtual assets in The Sandbox.
Virtual Assets — NFT
Virtual assets, also known as NFTs, are often difficult for many people to understand the concept of purchasing since they are intangible and cannot be physically picked up. However, this concept has already permeated our daily lives.
Just like membership identities tied to phone numbers, subscriptions to streaming platforms, and in-game equipment for online games, these intangible special rights, exclusive content, and objects are stored in your phone number, email, or game account. Although you cannot physically touch them, you still know that you own them.
Virtual assets in the metaverse follow the same concept, with the only difference being that they are stored on the internet through blockchain technology. This form even has an advantage over traditional ownership methods in terms of gifting or selling, as it allows for greater freedom.
Traditional virtual goods are typically not freely transferable or sellable. You usually need to rely on the developer or platform as an intermediary. For example, with a Netflix subscription, you cannot freely transfer it to someone else’s email address. If you want to sell in-game equipment to another player, you must go through the game’s designated trading platform.
Such virtual goods imply that you do not fully own their ownership rights; the true ownership still belongs to the developer. However, using blockchain technology, virtual assets enable complete ownership for the holder, just like when you purchase a physical product. Virtual goods are no longer stored on the developer’s platform but are distributed throughout the entire network. Through blockchain technology, the ownership of virtual assets is recorded in the holder’s virtual wallet, giving the holder the freedom to resell or gift them.
Virtual Assets on The Sandbox
Currently, in The Sandbox, there are five categories of virtual assets: LAND (virtual land), Avatar (player avatars), Equipment (wearables), Entity (objects), and Art (artwork).
LAND virtual real-estate
LAND can be considered the most important element in The Sandbox. The entire map of The Sandbox is composed of 166,464 individual LANDs, forming the game platform. Owning LAND is like owning real estate, as the holder can place buildings, exhibitions, and create game experiences on it, among other possibilities.
Avatar and Equipment
Avatar represents the user’s virtual embodiment in The Sandbox, while Equipment refers to the gear or attire that users can carry or wear during their experiences. In addition to altering the user’s appearance, Equipment also provides various attributes such as strength, defense, and other abilities, enabling players to have more powerful character capabilities in their experiences.
▲Rabbids Lunar New Year Avatars
▲Equipments
Entity and Art
The definition between Entity and Art is somewhat ambiguous. Both of these asset types serve the purpose of building on LAND. In the most basic sense, Entity includes objects or infrastructure that have interactive requirements, such as NPCs, animals, monsters, buildings, and roads. On the other hand, Art leans more towards display and decorative purposes.
▲PANGU Ecoland Entity
How to purchase virtual assets?
As of the writing of this article, the sale of LAND in The Sandbox has not been fully open to the public. The Sandbox periodically launches LAND sales events, where different areas are sequentially made available for purchase. Users interested in buying LAND should follow The Sandbox’s official community to avoid missing out on purchasing opportunities.
By accessing the Marketplace page through the left sidebar tab on the official website, users can explore and find all the virtual assets available for sale in The Sandbox.
If you come across a virtual asset you wish to purchase in the Marketplace, click on it to enter the product page. Then, click on “Buy Now” and follow the prompts to connect your Wallet (virtual wallet) and complete the purchase process. The asset will be transferred to your virtual wallet accordingly.
After completing the purchase, click on your username and go to “Inventory” to view and confirm your purchase.
As mentioned above, apart from The Sandbox’s official website, you can also see the virtual assets you purchased on other platforms such as the largest NFT marketplace, OpenSea, or within your own wallet. You can also use any other platform to transfer or sell the virtual assets you purchased in The Sandbox.
Furthermore, in addition to purchasing virtual assets created by others in The Sandbox, you can also use the voxel editing software Voxedit to create and list your own creations for sale. In the future, PANGU will also release related tutorial articles, so stay tuned!
That concludes the introduction to virtual assets, and I hope it helps you gain a deeper understanding of the Metaverse! If you have any further questions, feel free to join the PANGU by Kenal Discord community and ask us there!
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