This week, crypto exchange giant Binance announced it was buying 4,012 parcels of LAND, non-fungible tokens (NFTs) that represent digital real estate in The Sandbox, a virtual world and decentralized gaming project built on Ethereum.
The move, which has no precedent in the cryptoeconomy, comes on the heels of Binance Launchpad facilitating a $3 million token raise for The Sandbox’s SAND utility token last month.
The LAND buyup is a big validating splash both for the rising NFT economy, which, like DeFi, has trended toward red-hot status this year, and for The Sandbox, which is one of the brightest upstarts in the NFT market’s promising blockchain gaming sector.
New Kinds of Experiences for Binance Users
Binance is planning to use it’s new LAND holdings to build “social gaming experiences” throughout The Sandbox and to reward some of its LAND to creators who create great games for contests around The Sandbox Game Maker.
The blossoming partnership between Binance and The Sandbox indicates that NFTs and blockchain gaming are serious and growing areas of interest for the powerhouse crypto exchange, a reality also reflected in growing public comments on these topics by Binance CEO Changpeng Zhao.
On the news of the mass LAND acquisition, Zhao said:
“It is clear that blockchain technology has great potential in the gaming industry. It provides significant improvements for gamers and developers, especially in regard to decentralization, transparency, and interoperability. Binance is taking a step further to demonstrate that blockchain technology can bring mainstream adoption into gaming through our collaboration with The Sandbox. Together we work on a brand-new field of entertainment that brings more freedom to players.”
A Mainstream Tipping Point?
NFT-based gaming projects like The Sandbox have enjoyed considerable interest and growth this year. Yet having such a massive crypto brand like Binance on board offers a great opportunity to achieve much wider adoption,…