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The Sandbox, a popular virtual world and gaming platform powered by blockchain technology, is set to unlock a massive amount of native token SAND on August 14.
Altcoin Sandbox To Unlock 372 Million SAND Tokens Worth $151 Million
The Sandbox will unlock 372 million SAND tokens on Saturday, accounting for 18.1% of the total supply, or about $151 million at the current market price, according to Token Unlocks, a website that tracks the vesting schedules of various crypto projects.
Among the tokens unlocked are 71 million SAND for the team, 37 million for the advisors, 39 million for the foundation, 96 million for the company's reserves, 24 million for the strategic round and 103 million for the seed round.
These tokens were previously locked according to the tokenomics of the project, which aims to ensure fair and transparent distribution of SAND among different stakeholders.
Sandbox is a decentralized gaming platform that allows users to generate, play and monetize their own 3D voxel worlds.
The platform uses SAND as a utility token that can be used to buy and sell digital assets, access premium features and participate in the governance of the platform.
SAND is also an ERC-20 token that can be traded on various cryptocurrency exchanges such as Binance, Huobi, and OKEx.
Unlocking SAND tokens can have an impact on the price and liquidity of the token as some of the token holders may choose to sell or stake their tokens.
However, it can also show the trust and commitment of the project and its backers as they are willing to hold their tokens for a long time.
The Sandbox team stated that they do not intend to sell their tokens anytime soon and are focused on building and growing the platform.
*Not investment advice.