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An NFT vault has emerged as the second-largest owner of virtual land in the crypto-powered game The Sandbox.
The Whale non-fungible token vault has become the second-largest holder of virtual land in The Sandbox game â and its owner plans to become a virtual real estate developer.
Whale tokens represent fractional ownership in âThe Vaultâ â the private NFT collection of the prominent crypto investor and social media profile âWhaleShark Pro.â It has garnered a $16 million market cap despite holding just $1 million worth of NFTs, suggesting many speculators believe WhaleSharkâs collection of rare tokens is likely to grow in value significantly.
Blockchain intelligence firm Messari estimates that nearly 50% of The Vault is comprised of Land tokens, making Whale the second-biggest holder behind Binance. The exchange received a significant number of the tokens from hosting Landâs $3 million initial exchange offering on Binance Launchpad, and purchased a further 4,012 Land tokens earlier this week.
Speaking to Cointelegraph, Sebastien Borget, chief operations officer and co-founder of The Sandbox, said: âWhaleshark understands very well The Sandbox vision and has the right eyes for acquiring NFTs with high value growth potential.â
Borget notes that the Whale community is âmostly composed of builders and artistsâ who will create gaming experiences on WhaleSharkâs virtual land to drive revenue streams in the form of The Sandboxâs in-game currency, Sand.
âThe revenue streams in SAND then will be redistributed into his community, all of this without us acting as the central authority,â added Borget.
âWHALE is the perfect example of user-generated content and ecosystem development through blockchain.â
The project launched a liquidity mining program last month which may have boosted Whaleâs market cap as yield farmers sought novel returns. 5,000 Whale tokens worth roughly $30,000 were distributed in August, offering a 22.5% annual percentage yield to liquidity providers
Team $WHALE has successfully completed our first Liquidity Mining month and 5,000 $WHALE (~US$30,000) has been distributed.Our largest miner received a payment of 1,067 WHALE (US$6,455) for 23 days of "work".Miners received a 22.5% return on their capital in just 1 month â„ïž pic.twitter.com/JyYH8PLXHO
â WhaleShark.Pro (@WhaleShark_Pro) September 1, 2020
In another advance for the NFT ecosystem, Animoca Brands recently launched staking for âRevvâ â a utility token used in the firmâs F1 and MotoGP motorsports games. Revv stakers earn rewards in the form of NFTs that can be used in the games or traded on a secondary market.
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