Komal Joshi · Oct 21, 2020 . 6min read
Binance Invests in The Sandbox’s Virtual Property, Acquires 4000 NFT Land Tokens
Cryptocurrency exchange Binance has expanded its spectrum by investing in virtual space by accquiring LAND Tokens of The Sandbox.
By Komal Joshi · Sep 9, 2020 . 5min read
Binance has once again grabbed the limelight for acquiring over 4,000 non-fungible LAND tokens belonging to the gaming platform, The Sandbox. Binance is now an owner of virtual space within the game. The Sandbox recently completed a token sale in which it raised around $3M. It bought the tokens before starting the fourth LAND pre-sale in the games’ metaverse, which is scheduled for September 15. Some of the most important buyers were major crypto firms, including Dapp.com, CryptoKitties, Old Skull Games, etc.
Binance bought the tokens to commence organizing social gaming events and contests. The project has also partnered with some of the significant names, including the gaming giant, Atari. It is operating on making blockchain versions of games like Pong, Asteroids, Centipede, and others.
Recently, The Sandbox is the most foreseen blockchain game in the industry. It has over 40 million downloads and over 1 million active users every month. The Sandbox predicts the growth of downloads and users owing to Binance’s enthusiasm. The Sandbox offers a virtual world where users can acquire and own land. They can monetize their gaming experience adopting the project’s tokens, SAND, and LAND.
Binance Ventures into DeFi and Blockchain Ecosystem
Binance tapped the DeFi sector with the launch of the Binance Launchpool and Bella protocol. The Bella Protocol will be the first project to participate in the Launchpool. The Bella Protocol offers a series of Defi products for streamlined crypto banking experience. Binance Launchpool is the latest Binance platform that enables users to safely farm new assets by staking BNB, BUSD, and other coins.
Apart from that, it has also ventured into the blockchain field. Binance announced the launch of the mainnet of its smart contract-enabled blockchain and is introducing staking for its native Binance (BNB) token. The new blockchain will utilize a “Proof-of-Stake” Authority (PoSA) consensus mechanism. Besides, it also joined hands with privacy-centric blockchain-powered cloud computing developers, Oasis Labs, to combat fraud in the crypto space.
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