How to invest in Sandbox Metaverse with Minimal Income
Metaverse, NFT, Gamings...
Whenever you hear about them and tries to look at how they fair in investments and owning some NFT in the game, you will soon realise that all these are for investors with deep pockets and had the privilege to be first in the game.
Even Hustle from Crypto Banter speaking so easily about earning $75 a week passive incomes, never really reveal how much he has invested into it because these guys are pretty much half a millionaire / millionaire at the moment to be able to benefit it.
Other than Splinterlands starter packs (which the battling games are really getting harder with more smart and experienced players in the arena) and booster packs that has one of the cheapest entry level for average joes and janes like you and me, probably the next cheapest thriving play to earn + Defi game is available would be DeFi Kingdoms which it cost around 40 $JEWELS per HERO to begin with.
But you'd say...
I don't want to miss out on this growing thriving cyber world that is developing faster than a blink of an eye these days!
So how would we start to look at these sailed off projects and still benefit to it?
Credits: Sandbox staking walkthrough page
Now, we all have a chance!
Recently Sandbox has finally decided to expand its horizons into the next best L2 (some say becoming L1) layer Polygon after the massive ETH gas fees pretty much have rob off majority average people's experience and reserved for the elites with big wallets. And their latest encouragement for outsiders who did not have the opportunity / money to invest on the lands, an alternate way to keep the project running by introducing staking in their current ecosystem; which is where I will be giving it a test to see how little I can invest to ensure it is worth while.
1. Knowing the Token
Before jumping into anything, we must understand that $SAND's native chain is ETH; therefore though centralised exchanges as it in the listing, it doesn't mean that it will automatically be sent to the Polygon network.
In fact, the walkthrough guide actually tells you to bridge it over from ETH! Being a thrifty fellow like me this is definitely a no go as I do not want to waste a 0.00000001 ETH of gas fee if I can find a better alternative solution at this point of time.
Good thing is that QuickSwap actually has the service to convert $Matic (Polygon) to $SAND token. With major centralised exchanges like Binance offers direct withdrawal from of Matic to the Polygon chain, a HUGE amount of gas fee already can be saved!
Since Polygon actually has the same address with the ETH address format just different node access, moving out from Binance is relatively easy as long as the right chain, Polygon, is chosen.
2. How do I plan to get my $SAND?
What I would do is: (depending on where your capital is sitting)
Move initial capital to the centralised exchange Binance
Trade off that initial capital into $MATIC
Move $MATIC into the Polygon chain (on Metamask) (tutorial for setup)
Swap $MATIC to $SAND via QuickSwap
Currently the only most promising asset that in my portfolio for a long time, is $HIVE, where I have cashed out $15 USD worth of $HIVE for this experiment.
Once that is done, head over to quickswap.exchange and connect with your Metamask wallet and choose $SAND token with the correct contract address ( look for Polygon chain on the far right if somehow not shown) to change over.
One thing good about QuickSwap is that unlike pancakeswap.finance, you have to first approve the swap before swapping it, resulting less fees used because you only sign once.
You literally can see the Polygon gas fees at the moment that cost hardly a fraction compared to Ethereum. That's enough reason to onboard people to experience more.
The next thing is just like any other chains, you got to sign the contract for execution. Most of the time it is less than 5 cents.
If the entire network isn't congested. The whole process is relatively easy and fast. Before you know it, you already have some $SAND exist in your wallet. Ready to be staked.
3. Time to stake the token!
At Sandbox website (after you create your account with your Metamask wallet), head over to their new staking page where you can staked your $SAND that is sitting in your wallet doing nothing.
The current possible APR (that fluctuates based on total value locked and price), this is still insanely profitable to Dollar cost average in whenever possible!
Of course, like any staking protocol, approval to the available staking contract before staking is crucial. Nothing can go forward without it.
Once that is successful, the deposit button will appear. Click on it and choose the maximum amount (or not) of $SAND to be staked
Make sure that if you are starting small, you must switch off the "gasless" feature. I am not certain how much SAND is needed to be gasless, but definitely not $13 USD to qualify it. 😅
As usual, click on the button "Deposit" and "Sign" the contract prompted on the Metamask; and that's about it.
Even without the gasless feature, the transaction gas fee is not even 1 cent to begin with.
Do note that every protocol of staking is different. Some can be updated even by the hour; while for the sandbox game. Staking rewards can only be claimed once every 7 days. But for an APR around 50%, I think it is still worth a shot!
Things to remember
Always to have at least 1 MATIC in the wallet for all transaction fees
Invest on average. As nothing is iron-clad certain. Treat your investment as a loss until you get back your capital in your wallet.
What do you think?
Would you give it a try, stake on this possible next biggest metaverse other than Decentraland before it moons to the point you may not even have a chance to invest in small amounts anymore?
Posted Using LeoFinance Beta