The REVV ecosystem and The Sandbox have announced an NFT mining event in which liquidity providers can earn redemption points for exclusive digital assets. Those who provide liquidity in the REVV-SAND pool on Uniswap, can stake their LP tokens to acquire REDP. At the end of the staking event contributors can redeem these tokens in exchange for REVV-inspired digital assets for The Sandbox.
In total there are 500 non-fungible tokens that players can obtain. Each of these tokens are items that gamers can use in the virtual world of The Sandbox. Upon redeeming their REDP credits, players will receive either a race car, a motorbike or corresponding drivers. Interesting about these NFTs is that they provide interoperability between the REVV ecosystem and The Sandbox, which potentially means that the race car from can also be used in F1 Delta Time. However, the blog post isn’t very clear on that.
The NFT mining event takes place from January 13th until February 9th. When the event ends, users can claim the REVV-branded assets for The Sandbox at an exchange rate of 1 REDP per NFT.
Explaining liquidity providing
Uniswap is a community-powered trading platform. Liquidity providers are people who provide tokens that others can use in the decentralized exchange. Each liquidity provider provides two assets, which in this case would be REVV and SAND. Each of these assets is provided in an equal amount, for example 50 dollars in REVV and 50 dollars in SAND. In return Uniswap will give the provider so-called LP tokens, which are basically a receipt that shows what was provided. By staking, which basically equals to ‘putting them in a bank account’, these LP tokens generate the much-needed REDP tokens.
In decentralized finance staking is a common way to lock crypto in a smart contract, and thus removing liquidity from the market. It’s a way to possibly increase value. In addition this system allows the liquidity provider to earn rewards. In DeFi that would for example be a governance token, like COMP or UNI. However, it’s also a way to distribute non-fungible tokens. Meme Token started doing that, Coin does it, and now REVV and The Sandbox also join the party.
REVV ecosystem and The Sandbox growing
The Sandbox has seen incredible growth over the past 12 months. One year ago the project had just finished its first land sale. Now there have been four major land sales and some smaller ones. Land for The Sandbox currently costs more than 100 dollars per parcel, while the retail price of half of that. The Sandbox will launch a Season 0 event for The Sandbox in Q1 2021.
At the same time the REVV ecosystem is growing fast as well. REVV started as the in-game token for the racing game F1 Delta Time. However, nowadays the token drives multiple racing games. Aside from F1 Delta Time there will be a MotoGP game, a Formula E game, and two racing games from Atari. Recently F1 Delta Time made headlines with some of its sales, suggesting that there’s still a lot of stretch in the REVV ecosystem for future growth.
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Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, started the Play to Earn Online Magazine in early 2020.