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What are non-fungible tokens (NFTs)?

 A non-fungible token, or NFT, is a special type of token which represents a unique ASSET on the Ethereum blockchain.

What is a non-fungible token?

The Ethereum blockchain brought a whole new digital world where digital assets could be tracked for uniqueness and scarcity, providing the perfect platform to create a one-of-a-kind type of digital asset. These assets are known as non-fungible tokens, or NFTs.
These tokens are built on a cryptocurrency platform in compliance with Ethereum's ERC-721, ERC-1155 and ERC-1337 token standards. NFTs are units of value which are non-fungible, unique and digitally scarce. They cannot be replaced by another equal part or quantity.

What are the benefits of NFTs?

Through the use of NFTs, users of The Sandbox will be able to benefit from true digital ownership, trading, security, immutability and cross-platform interoperability.
Take a look at the video below to learn more about NFTs and how they work.

The Sandbox NFT metadata

The metadata that a creator can define will be stored in the NFT on the blockchain and will be a combination of usual attributes, such as:

  • Name & Genre: In order to better identify the ASSET being sold, and to help potential buyers in finding it in the marketplace, the ASSET will require a name and a genre.
  • Description: The description allows creators to add specifications like size, model, potential uses, or even a short piece of fictional lore to the ASSET.
  • Thumbnail: The marketplace will show what the ASSET itself looks like, so it will require several thumbnails to be made. Thankfully, we will include a feature in out voxel editor that will automatically generate these thumbnails for the creators.
  • Price: The creator will have total control over the price the ASSET will have on the marketplace. This price will be set in SAND currency.
  • Transaction Type: The creators will have two options from which to choose. They can either select “Fixed Price” to set a predetermined price in $SAND at which the creator wishes to sell the ASSET, or select “Auction”. In the auction style of sale, the price will descend from a set maximum to a set minimum during an established period of time.
  • Duration: This will be the total amount of time that the ASSET will appear on sale on the marketplace.

Thanks for reading us and feel free to reach out if you’re interested to learn more about The Sandbox NFTs!

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