The Sandbox wants to empower creators on its platform and enhance their capabilities and has unveiled a new ERC-1155 token – CATALYST. The CATALYST token is crafted to empower creators by enabling them to mint assets and define unique rarities and properties across different tiers. The CATALYST token will also make it possible for creators to customize the rarity and properties of their ASSETS, providing a dynamic and personalized touch.
The Sandbox is a virtual gaming platform built on the Ethereum blockchain where players can create, own, and monetize their gaming experiences using the platform’s utility token, SAND. It allows users to create voxel assets, which can then become Non-Fungible Tokens (NFTs) and be imported to the Marketplace.
Over the years, it has partnered with renowned brands like Warner Music Group, Adidas, Gucci, Atari, and Snoop Dogg who have invested in virtual lands on the platform.
The ERC (Ethereum Request for Comment) standards are a set of technical guidelines and rules for creating and issuing smart contracts on the Ethereum blockchain. These standards define a common list of rules that Ethereum tokens using smart contracts must adhere to.
The most well-known of these standards is ERC-20, which Fabian Vogelsteller and Vitalik Buterin proposed in November 2015. The ERC-20 standard has become the foundation for creating new tokens on the Ethereum blockchain, making it easier for developers to create new tokens and for users to interact with them.
Other ERC standards, such as ERC-721 and ERC-1155, have also been developed to address specific use cases and token functionalities. These standards have played a significant role in the growth of the Ethereum ecosystem and the creation of a wide variety of tokens and decentralized applications.
According to The Sandbox, CATALYST tokens will be distributed to valued ecosystem contributors as a way to kickstart this innovative venture. This approach fosters inclusivity and collaboration in the token’s launch.
In addition, on December 14th, all LAND owners will receive gifted CATALYST tokens. A snapshot will be taken on December 11th at 12 pm UTC to determine eligible LAND owners.
