{"id":10199,"date":"2023-08-04T01:33:53","date_gmt":"2023-08-04T01:33:53","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/08\/04\/if-you-want-to-claim-staking-rewards-on-the-sandbox-you-will-have-to-kyc\/"},"modified":"2023-08-04T01:33:53","modified_gmt":"2023-08-04T01:33:53","slug":"if-you-want-to-claim-staking-rewards-on-the-sandbox-you-will-have-to-kyc","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/08\/04\/if-you-want-to-claim-staking-rewards-on-the-sandbox-you-will-have-to-kyc\/","title":{"rendered":"If You Want to Claim Staking Rewards on The Sandbox, You Will Have to KYC"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Sandbox has recently announced the implementation of Know Your Customer (KYC) verification for its staking processes. According to the announcement on August 3rd, only verified users will be able to deposit the native tokens of the platform, known as SAND, and claim staking rewards. However, non-verified users will only be able to withdraw their staked SAND. They will not be able to make further deposits.<\/p>\n<p><noscript><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-123733\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-04-at-11.27.19-am.png\" alt=\"image of a woman to against a computer screen to illustrate KYC for the sandbox \" width=\"977\" height=\"650\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-04-at-11.27.19-am.png 977w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-04-at-11.27.19-am-300x200.png 300w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-04-at-11.27.19-am-768x511.png 768w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-04-at-11.27.19-am-84x56.png 84w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-04-at-11.27.19-am-150x100.png 150w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-04-at-11.27.19-am-450x299.png 450w\" sizes=\"(max-width: 977px) 100vw, 977px\"\/><\/noscript><\/p>\n<h2><span id=\"The_Sandbox_Metaverse_Introduces_KYC\">The Sandbox Metaverse Introduces KYC<\/span><\/h2>\n<p>This move comes as the platform aims to enhance user security and compliance. By requiring KYC verification for staking, <a href=\"https:\/\/nftevening.com\/the-sandbox-metaverse-the-ultimate-guide-from-sand-to-land\/\" target=\"_blank\" rel=\"noopener\">The Sandbox<\/a> aims to ensure that users\u2019 accounts are verified before they can participate in staking or claim their earnings. At present, there is 123 million SAND is staked by users. This is equivalent to 6.7% of the circulating supply.<\/p>\n<p>It\u2019s worth noting that the SEC classified SAND as a security in its recent lawsuits against Binance and Coinbase. Additionally,<a href=\"https:\/\/coincodex.com\/article\/28816\/sec-crypto-securities\/\" target=\"_blank\" rel=\"noopener\"> 67 other cryptocurrencies were also deemed as securities<\/a>. This is because the SEC alleges that The Sandbox makes information publicly available. The SEC claimed that this information led SAND holders to view the token as an investment. Therefore, SAND holders could expect to profit from the platform\u2019s efforts to grow the Sandbox protocol, which would increase the value of SAND.<\/p>\n<p>The Sandbox has been making strides in building a 3D metaverse utilizing blockchain technology since 2012. Pixowl initially deployed The Sandbox. Then, in 2018, Hong Kong-based Animoca Brands acquired Pixowl through its subsidiary TSB Gaming.<\/p>\n<p>Amidst the regulatory scrutiny faced by cryptocurrencies, Animoca Brands co-founder Yat Siu has expressed his concerns about the lack of consistency in SEC regulations. Further, he has praised Hong Kong\u2019s shifting attitude towards blockchain.<\/p>\n<p>As The Sandbox continues to evolve and attract users to its metaverse, the introduction of KYC verification for staking processes is seen as a proactive step towards ensuring compliance and security for its growing community of users. The platform\u2019s commitment to providing a safe environment is a testament to its dedication to building a thriving <a href=\"https:\/\/nftevening.com\/metaverse-meaning-what-the-metaverse-is-and-why-you-should-care\/\" target=\"_blank\" rel=\"noopener\">metaverse<\/a> ecosystem.<\/p>\n<p><iframe data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\" class=\"perfmatters-lazy\" data-src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\"><\/iframe><noscript><iframe loading=\"lazy\" src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\" data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\"><\/iframe><\/noscript><\/p>\n<div class=\"bottom-text__wrapper post-content\">\n<p>\u00a0<\/p>\n<hr\/>\n<p><em>All investment\/financial opinions expressed by NFTevening.com are not recommendations.<\/em><\/p>\n<p><em>This article is educational material.<\/em><\/p>\n<p><em>As always, make your own research prior to making any kind of investment.<\/em><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/nftevening.com\/if-you-want-to-claim-staking-rewards-on-the-sandbox-you-will-have-to-kyc\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Sandbox has recently announced the implementation of Know Your Customer (KYC) verification for its staking processes. According to the announcement on August 3rd, only verified users will be able to deposit the native tokens of the platform, known as SAND, and claim staking rewards. However, non-verified users will only be able to withdraw their [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-04-at-11.27.19-am.png","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/10199"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=10199"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/10199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/10200"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=10199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=10199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=10199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}