HALAL Screening Cryptocurrency
Is The Sandbox Halal?
Complete Shariah Compliance Screening of The Sandbox to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is The Sandbox
SAND is the digital currency used in The Sandbox, a virtual world where players can create, own, and monetize their gaming experiences. Think of it like a digital playground where you can build anything you want, from games to art, and then share it with others. People use SAND to buy land, trade items, and even pay for experiences within this virtual space, making it a key part of the whole ecosystem.
What makes SAND unique is that it combines gaming with blockchain technology, allowing players to truly own their creations and assets. Unlike traditional games where everything is controlled by the developers, in The Sandbox, you have real ownership of your digital items thanks to the blockchain. This means you can sell, trade, or even rent out your creations, giving you the chance to earn money while having fun in a vibrant community!
Transparent and Credible Team
Our research identifies key team members, such as Arthur Madrid and Sebastien Borget, with relevant experience in gaming and blockchain. This suggests a transparent team with credible history. Score: 80
Clear Use Case or Purpose
The whitepaper clearly explains The Sandbox's purpose as a metaverse where users can build, own, and monetise their gaming experiences using NFTs and the SAND token. This demonstrates a clear and legitimate use case, although the use case is within a metaverse, which may not have tangible real world benefits. Score: 75
Absence of Fraudulent Behavior
The project has undergone audits by CertiK, and has implemented KYC verification for landowners. These measures indicate an effort to ensure legitimacy and prevent scams. There have been instances of fake websites and airdrops, but these do not directly reflect on the legitimacy of the project itself. Score: 85
Ethical Practices
The project promotes user-generated content, and community-driven governance through DAOs. However, there have been misleading claims associated with it (such as fake airdrops) which reduce the score slightly. Score: 70
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The Sandbox Halal Project Screening
- Are the project’s purpose and operation Shariah Compliant.
- Does the project operate ethically and transparently, without harm to society.
- Does the project promote positive societal or environmental outcomes.
The Sandbox Financial Screening
- Does the revenue involve Riba (interest), Gharar (excessive uncertainty), or Haram activities.
- What red flags are hidden within the projects finances and are within permissible limits.
- Types of revenue generation activities and the percentage that may be Riba or interest based.
- Audits from reliable sources
The Sandbox Token Screening
- Is the Token governance fair and ethical?
- Are profit-sharing mechanisms (e.g., staking rewards, dividends) compliant with Islamic Finance?
- Does the token’s design, or unlock schedule raise unethical concerns?
- Halal underlying asset, and free from impermissible elements
Is Staking The Sandbox Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
The Sandbox Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform