The Sandbox Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

Virtual real estate platform, the Sandbox, is planning to move to Polygon, a layer-2 scaling solution for Ethereum, to better cater to its growing audience. Polygon has been seeing an increasing amount of interest from applications and users who are priced out of Ethereum due to its high fees and slow processing.

The Ethereum-based Metaverse play-to-earn (P2E) is migrating to Polygon to minimize transaction fees and network congestion when interacting with the game.

“The metaverse needs to be built by the people,” said The Sandbox co-founder and COO Sebastien Borget in an interview.

“Once they’re building with our tools and they create experiences that will be ready to be open to the public—and we’re live on layer-2 for publishing experiences on their LANDs—I think that will be a great time to start.”

Once the game makes its transition to Polygon, the game will be able to launch more widely to the public.

Polygon’s MATIC token is one of the top performers in 2021, with 14,000% returns.

There is also a plan to launch a DAO (decentralized autonomous organization) in 2022 to give LAND owners the right to vote on changes to be made in the game. Additionally, LAND NFTs will be released throughout next year.

The Sandbox game was developed and released by game studio Pixowl in May 2012 and acquired by Animoca Brands in 2018. In this virtual world, players can build, own, and monetize their gaming experiences using NFTs and its utility token SAND.

Much like MATIC, the $5.34 billion market cap cryptocurrency SAND is also leading the gains and is up 15,700% this year.

The Sandbox virtual world is also made up of LAND, which are the digital pieces of real estate, and players can buy them to further build experiences on top of it.

Celebrities like rapper Snoop Dogg and brands like Adidas, Atari, and The Walking Dead have all acquired LAND in The Sandbox. This has created “network effects” to drive others to join in.

The team is further working on allowing LAND-owning creators to build and share their interactive experiences.

Last month, the company finally opened its Alpha test period after years of being in development to let people play in its metaverse. Those who have purchased an Alpha Pass NFT could access a larger number of games, and earn token rewards, unlike those without a pass that can only try a few samples and that too without any rewards.

Borget said the reaction to the initial Alpha test, which concluded on December 20, was largely positive. The game had tens of thousands of players during the alpha test, and the number of unique LAND owners surged past 17,000.

The Sandbox now plans to launch similar playtesting periods every couple of months next year.

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Author: AnTy

“US Is At A Critical Juncture,” says Coinbase CEO; Calls for ‘Sandbox for Crypto Startups’

“US Is At A Critical Juncture,” says Coinbase CEO; Calls for ‘Sandbox for Crypto Startups’

Seeking regulatory clarity for crypto, Brian Armstrong says, the U.S. needs to be “a major player in crypto to stay relevant long term.”

Coinbase CEO Brian Armstrong has been spending his time meeting the members of Congress and heads of various federal agencies in order to establish relationships with the regulators and help answer their questions about the cryptocurrency industry.

He met with Senator Kyrsten Sinema, Patrick McHenry (R-N.C.), Virginia US senator Mark Warner, Speaker Nancy Pelosi, Speaker Paul Ryan, and many others. While some were “very positive,” others were skeptics. Armstrong said,

“The politicians and agency heads I met with were all thoughtful and committed individuals, and I was happy to have our teams connected, and new friendships formed.”

Armstrong took to Twitter to share that they have been working on getting more regulatory clarity in the space as part of the newly formed Crypto Council for Innovation. He said,

“Crypto is as important as the birth of the internet in terms of the jobs, GDP growth, and innovation it can create. The U.S. will need to be a major player in crypto to stay relevant long term.”

There is a serious lack of regulatory clarity in the US “because crypto is not just one thing,” as while some cryptos might be securities, some could be commodities and others’ currencies/property, and some even none of them.

This, of course, presents a major problem in terms of fewer startups and companies going abroad. Billionaire investor Mark Cuban voiced similar issues this week and urged regulators to free crypto to maintain USD’s status as the world’s reserve currency.

According to the co-founder of Coinbase, the biggest crypto exchange in the US which went public last month, what the US needs is a “safe harbor/sandbox for crypto startups to get off the ground.” It would also provide the regulatory agencies a common framework to follow, he said.

Coinbase is also “committed to being bipartisan in any policy efforts,” stated Armstrong.

During his meeting with the officials, Armstrong also covered China’s digital yuan, which has been leading in the central bank digital currency (CBDC) efforts in the world while the Federal Reserve is in no hurry, as said by Chairman Jerome Powell many times.

China moving so quickly on a CBDC “represents a threat to U.S. reserve currency status long term,” said Armstrong. According to him, the U.S. needs to move quickly and start creating its own digital dollar. He said,

“The U.S. is at a critical juncture in making holistic decisions around cryptocurrency. Imagine the U.S. without the internet.”

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Author: AnTy

Hawaii Opens Up Regulatory Sandbox For Crypto Payment Companies Till 2021

Hawaii launches a regulatory sandbox, “Digital Currency Innovation Lab”, a pilot program to boost the understanding of digital currencies. The program will run for two years offering crypto startups and companies an opportunity to do business in the country “without obtaining a state money transmitter license.”

Hawaii launches the Digital Currency Innovation Lab

In a joint partnership among three financial authorities in Hawaii, Department of Commerce and Consumer Affairs, Division of Financial Institutions (DFI) and Hawaii Technology Development Corporation (HTDC), cryptocurrency payment services will now be able to carry out business in the state under the new sandbox program. The new program is set to assist the authorities shape up regulations for the industry while understanding it deeper.

Furthermore, this looks set to relax the arduous rules that crypto companies have had to deal with over the past few years in the state. One particular rule that is set to be eased is the “double-reserve” requirement that states companies can only hold as much fiat currency as their customers hold crypto.

Those companies that will be selected in the program will have total autonomy to carry out business activities that would previously been considered unlicensed money transfer activity. This means none of the financial authorities will take action for companies registered in the program. Iris Ikeda, Commissioner of Financial Institutions says,

“DFI is leveraging its statutory authority to provide an innovative way to introduce digital currency issuers into the State of Hawaii, while ensuring the safety of our consumers.”

“Financial authorities to benefit from program”

The digital currency pilot program is specifically set to help in regulating the crypto payments industry in the state better according to Len Higashi, acting executive director of HTDC. Len believes Hawaii will lead in the digital currency payments race by being an early adopter. He remarked,

“By spearheading the Digital Currency Innovation Lab, Hawaii can position itself on the forefront of financial technology and potentially, reap the economic benefits that accompany the leadership stance taken.”

Iris also believes that the project will help in understanding and appreciating the overall advantages that cryptocurrency offers. He said,

“By acknowledging digital currencies as a transmission vehicle of the future, we will be able to craft legislation that is conducive to its development in Hawaii.”

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Author: Lujan Odera