In this post:
- The details of the Harmony + The Sandbox Partnership
👉 tl;dr: What the partnership entails and what the community can expect in the future.
- NFT’s, DeFi, Applications, and Harmony
👉 tl;dr: Technology adoption always starts out looking like a game. In other words, NFT’s, while having clear application in blockchain gaming, have a much broader design space and touches many areas of finance, including DeFi and CrossFi.
If you’re a developer interested in building an application on a fast, scalable Proof-of-Stake blockchain with ultra low gas fees,
We have a fund dedicated to supporting innovative small teams and developers building the next generation of apps on Harmony. Be ONE of them!
We’re excited to announce a strategic partnership with one of blockchain gaming industry’s leading projects, The Sandbox. At Harmony, we believe in empowering gamers through true digital ownership of their game assets and creating new economic incentives through play-to-earn business model. We want to support and facilitate The Sandbox’s team mission to offering a gaming virtual world where players can play, create, own, trade, govern and monetize their gaming experience through the use of blockchain technology, NFTs and their native utility token $SAND powering their platform.
Harmony intends to become one of the first Proof-of-Stake layer 1 blockchain that will enable high-speed trading of NFTs among its community, and commits to supporting the growth and audience development of blockchain gaming by building bridges between Harmony and Ethereum — supporting NFT standards such as ERC-721 and ERC-1155 on Harmony. The Sandbox is one of the 3 main contributors to the ERC-1155 standard together with Enjin and Horizon Games.
A key feature of The Sandbox decentralized gaming platform is the ability for anyone to make his own NFTs with VoxEdit. . . These NFTs can then be utilized within The Sandbox’s game maker, but also by other dApps, platforms and now blockchains as well!
I’m thrilled to see major blockchain actors such as Harmony and their tech team work onto enabling true interoperability of the NFTs by bridging them in and out of Ethereum. This is a major step forward towards increasing the utility (thus potentially value) of the NFTs and their liquidity into other chains.
— Sebastien Borget, COO & Co-Founder of The Sandbox
By doing so, assets, computation, and ownership in The Sandbox might be experienced on Harmony in the future, taking advantage of our fast scalable infrastructure, 5 second finality, and robust Proof-of-Stake sharded network.
This partnership with The Sandbox will further enable Harmony to support future game developers who need low-cost, high-throughput consensus platform to power their blockchain based games. And by engaging with and supporting The Sandbox, we have an opportunity to understand the problems that game developers face so that we can better design Harmony to suit their needs.
NFTs are important to Harmony’s roadmap because we believe that user-generated, community-driven gaming experiences is one area that will drive large-scale adoption of blockchain. The Sandbox is Harmony’s first project because Sandbox is a leader in the blockchain gaming industry with a strong product and community.
— Stephen Tse, Harmony CEO and Founder
This partnership will enable us to learn from an industry leader so that we can be ready to power games that The Sandbox and others develop in the future. By working with The Sandbox, we will be well positioned to capture the opportunities that blockchain gaming presents for scalable protocols like Harmony.
If you’re a game developer interested in building a game on a fast, scalable Proof-of-Stake blockchain with ultra low gas fees,
We have a fund dedicated to supporting innovative small teams and developers building the next generation of apps on Harmony. Be one of them!
NFT’s, DeFi, Applications, and Harmony
It’s been said that technological adoption always starts out looking like a game. This is the case with Non-Fungible Tokens (NFT). The initial application of NFTs will be within gaming, but their applications are much broader and touches many, many areas, especially in finance.
NFTs are special tokens with unique highly individual properties that sets each one apart from each other. So far, many items have been tokenized as NFTs. Below is a short survey of which domains have utilized NFTs:
Art and Collectibles
Because art is unique, it makes it a perfect object to tokenize into an NFT. Indeed, just last month, Paris Hilton sold a piece of art for charity.
In The Sandbox, items in the metaverse are NFTs, meaning they are unique and there’s no other thing like it. Other games have NFTs also, such as decentraland, which also sells unique pieces of land and these NFTs can also be bought and sold on marketplaces.
Because NFTs have super unique properties, you can encode a set of parameters like the object that is insured, for how much, and the conditions by which the insurance coverage is exercised.
One key aspect of all NFTs is ownership. So, for a given property, like a domain name, you can encode the owner and have it be cryptographically verified.
Options and Futures Contracts
Like most contracts, it has a set of hyper-unique properties. So NFTs make for a perfect vehicle to represent Options and Futures contracts in finance.
NFT and DeFi
Now imagine a combination of the items above and adding to it the element of basic traditional finance such as buying and lending. For example, one could take Paris Hilton’s piece of art, deposit it into a smart contract and collateralize it and borrow ONE tokens against it.
For example, one could take Paris Hilton’s piece of art, deposit it into a smart contract and collateralize it and borrow ONE tokens against it.
You can only imagine the numerous permutations where NFTs can be utilized.
We are literally still at the very beginning of this technological revolution, where we will see many areas of traditional banking and finance disrupted. We are excited for what the future holds and Harmony is now building the right foundation to take advantage of what that future holds.
Developers can build on Harmony today, a fast and open blockchain for decentralized applications, suited to handle DeFi and cross-border finance. Harmony Mainnet supports state sharding with instant finality. Our staking mechanism reduces centralization while supporting delegation and slashing.
We ❤️ Developers.