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NFT Gaming Blockchains The Sandbox, and Immutable X, Spike in Value

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Market going up

Amidst the market-wide green, the native tokens of NFT gaming blockchains, The Sandbox (SAND) and Immutable X (IMX), are also enjoying an uptrend.

While the crypto market is enjoying the artificial intelligence (AI) narrative, which is sending prices higher, SAND and IMX are pumping in line with the growth seen by the blockchain gaming and metaverse industry.

The gaming sector grew to 48% of all blockchain activity in the first month of 2023, according to the latest report from DappRadar. Gaming daily unique active wallets reached 839,436, which is a bullish indicator for the long-term potential of blockchain gaming, said DappRadar adding that the number is still low, showing that blockchain gaming is still far from mainstream acceptance.

“The game alphas and updates keep coming in the blockchain space, and there is a growing sense of excitement and anticipation for what the future holds,” the report said. “As the sector continues to mature, we can expect to see even more exciting developments in the months to come.”

The NFT market is also recording a strong trend with $941 million in trading volume and 9.2 million in sales count. This upward trend in the NFT market has DappRadar optimistic about the future of the crypto market, as it expects “a recovery and continued growth in the coming months.”

Speaking of NFT games, digital trading cards are perfect for integrating NFTs.

Leading the Charge

In the world of blockchain gaming, NFTs, and metaverse, The Sandbox and Immutable X are two of the most popular blockchains, which have seen an increase in market megafans, who are users who play games on these platforms, ranging from casual gamers to professional players.

The technology behind these gaming blockchains allows them to offer users a wide variety of games, resulting in an increase in active users playing several games on the platform and trading both fungible and non-fungible tokens.

Both platforms offer in-game NFTs, which are unique digital assets that can be used to represent ownership of real-world or virtual assets.

This way, The Sandbox, and Immutable X provide a way for players to own and trade digital assets securely and transparently and earn money by purchasing and selling in-game items. Gamers can now enjoy true ownership of their digital assets since they are securely stored on the blockchain network and cannot be altered or modified without permission from the owner.

By leveraging the obvious benefits of blockchain and NFTs, they have enabled game creators to offer new possibilities for players.

The Sandbox (SAND)

When it comes to The Sandbox, its native token, SAND, is up 27% in the past 24 hours to trade at $0.90 at the time of writing. The $1.6 billion market cap cryptocurrency is up 85% in the past 30 days but still down more than 89% from its all-time high (ATH) of $8.50 hit in Nov. 2021.

Out of the total supply of 3 billion SAND, almost 1.76 billion are circulating in the market.

Click here to learn all about investing in The Sandbox.

Many Use Cases

SAND is an ERC20 token that powers “The Sandbox,” a multiplayer metaverse where players can create, monetize, and participate in blockchain-based gaming experiences. It allows game designers to create custom 3D NFTs and use them across the ecosystem.

The SAND token is the platform's governance token with many use cases. It can be used to access games, buy and sell in-game items, and customize avatars on The Sandbox. Creators can also use SAND to upload their creations to The Sandbox marketplace for monetization. Its play-to-earn gaming model lets players earn SAND tokens, which can also be staked on the platform to earn rewards for holding tokens.

Besides the SAND token, The Sandbox also has a digital real-estate platform in the metaverse. Creators and game designers must build their creations on LANDs, which are ERC-721 NFTs, and populate them with ASSETs, which are ERC-1155 tokens created by players to assign user-generated content which can also be traded on its marketplace.

Latest Developments

The Sandbox is a blockchain-based gaming platform that allows users to create, play, and earn rewards in a safe and secure environment. It has seen a surge in popularity due to its unique gameplay mechanics and its support for NFTs. The Sandbox also has an in-game marketplace where players can buy and sell NFTs.

The Sandbox company has been around for over a decade and has a lot of experience in the gaming industry. They've developed and released many mobile games for iOS and Android smartphones. In addition, their earlier gaming applications had a user base of more than 40 million players, which makes them attractive to investors.

The company, which has become one of the leading NFT-based game platforms on Ethereum, has raised $95 million in a Series B round led by SoftBank's Vision Fund to fund its expansion and has been trying to raise an additional $400 million for a valuation of $4 billion.

Most recently, it entered into an agreement with Saudi Arabia, with The Sandbox co-founder and COO Sebastien Borget tweeting on Tuesday:

“It was a true honor to sign our MOU partnership ceremony between TheSandboxGame and the Saudi Arabia Digital Government Authority (DGA) during LEAP 2023 conference, and we look forward to exploring, advising, and supporting mutually each other in activations of the Metaverse.”

This announcement sent the SAND token's price rising, which is further aided by the record land sales in The Sandbox metaverse. The company revealed a 180% year-on-year growth in its real estate NFT sales late last month.

The vastly growing ecosystem of The Sandbox already counts Atari, Ubisoft, The Rabbids, The Walking Dead, Warner Music Group, Snoop Dogg, Steve Aoki, Adidas, Deadmau5, Richie Hawtin, The Smurfs, Care Bears, and CryptoKitties among its partners.

Immutable X (IMX)

IMX is an $869 million market cap cryptocurrency trading at $1.09 as of writing. The coin is up about 13% in the past 24 hours and 145% in the past month. IMX's price was currently down about 89% from its $9.55 peak in Nov. 2021.

Of the $2 billion total supply, close to 794 million INX tokens are currently circulating in the market.

Click here to learn all about investing in Immutable X.

Rewarding Network Activity

IMX is an ERC-20 token that powers Immutable X, a scaling solution for NFTs. It rewards network activities such as trading, provision for liquidity, and building applications. IMX can also be used for staking on Immutable X and voting on the protocol's future.

The token further facilitates payment of protocol fees in addition to aligning the incentives between ecosystem participants like creators, traders, and marketplaces to benefit their contribution.

To earn IMX tokens, users can complete activities that benefit the protocol, accumulating points for the user. The protocol allocates a certain amount of IMX tokens to the daily rewards pool, and users are rewarded proportionately according to their earned points.

The protocol charges a 20 percent fee on every transaction which goes to the staking reward pool. Immutable network users earn a share of this reward based on the amount of IMX tokens they have staked.

Latest Developments

Co-founded by Robert and James Ferguson, the Immutable X protocol was launched by the NFT technology company Immutable in 2018. It is a layer-2 scaling solution that enables faster and cheaper transactions for Ethereum.

According to a report by Delphi Digital, the Immutable blockchain was one of the most funded projects in 2022, with Immutable X exclusive games and Immutable X-based multi-chain games receiving roughly $300 million and over $600 million in funding, respectively.

This funding allowed Immutable X to surpass popular blockchains Solana and Polygon to become the most funded Layer-2 Web3 game ecosystem in 2022. Additionally, Immutable X grew from just five games to over 100 throughout the year.

The blockchain is home to the widely popular game Gods Unchained as well as the fantasy RPG Guild of Guardians and Illuvium. With these flagship titles under its belt, Immutable is looking to become one of the top players in blockchain-based gaming and NFTs as they expand into new markets worldwide.

According to Dapp Industry Report 2022, Immutable X was one of the few networks that were potent gaming ecosystems of the year. In January 2023, meanwhile, Immutable X's NFT trading volume decreased by 3.67%, with the blockchain network seeing $14.2 million in trading volume, but sales have increased by 2.39%, hitting 564,832.

These growing numbers support the interest reflected in the IMX token's price as well from industry players. Most recently, the Web3 game Tiny Colony announced that it is moving from Solana to Immutable, with developer Tinyverse Games attributing this to blockchain's focus on gaming right from the beginning. “They have an amazing development team and incredible technology focused around gaming,” he told media publication Decrypt.

Amidst all this, ImmutableX announced Immutable Passport, a simple, secure, and non-custodial onboarding solution designed for game studios. It is an authentication tool that streamlines onboarding for gaming studios and will help gamers create and secure their unique online identities. This solution will also allow game studios to drive adoption across mainstream audiences, maintain enterprise-grade security, and access meaningful player analytics.

Click here for the list of five digital trading card games perfect for integrating NFTs.

Final Word

NFT gaming blockchains are on the rise, with The Sandbox and Immutable X leading the pack. Both platforms have seen a spike in their token's price in recent months as more and more gamers flock to them in search of the next big thing.

This influx of new players is expected to further fuel the growth of the burgeoning NFT industry, which is also being propelled by the mainstream adoption of major cryptocurrencies. These developments suggest a strong future for the rapidly growing sector of blockchain-based gaming assets.

With the Immutable X and The Sandbox offering a unique and immutable gaming experience through the usage of blockchain technology in gaming and in-game NFTs that is not possible with traditional gaming platforms, they both represent a lot of potentials that could see their popularity continue to grow. Thus, we can expect to see a continued rise in the value of these NFT gaming blockchains in the future.

Gaurav started trading cryptocurrencies in 2017 and has fallen in love with the crypto space ever since. His interest in everything crypto turned him into a writer specializing in cryptocurrencies and blockchain. Soon he found himself working with crypto companies and media outlets. He is also a big-time Batman fan.