The Sandbox raises $93 million in Softbank-led funding round
Hong Kong-based gaming platform The Sandbox has raised $93 million in a funding round led by SoftBank's Vision Fund 2.
The Sandbox has experienced significant growth this year
The Sandbox is a virtual world where players can build, own and monetize their gaming experiences on the Ethereum blockchain. In 2018, Hong Kong-based NFT digital property firm Animoca Brands acquired Pixowl, the original developer and publisher of The Sandbox. Animoca Brands said in a statement Tuesday that The Sandbox has experienced significant growth this year with "over 500,000 registered wallets and 12,000 unique virtual landowners."The company declined to disclose its valuation, but the cryptocurrency it backs, $SAND, has a market cap of nearly $2 billion. The company said it currently owns about 22% of the supply from the token. With the recent investment, the company is looking for growth of the Sandbox creators' economy as it expands from games to fashion, architecture, and virtual concerts. One example is its recent partnership with brands and celebrities, including rapper Snoop Dogg, who will create a digital replica of his mansion in Sandbox's Metaverse.
The cryptocurrency of the platform surged more than 200%
Sebastien Borget, chief operating officer and co-founder, said in an interview with Reuters. "We are creating this open metaverse. We are positioning the Sandbox against those giant tech companies who are claiming the metaverse to be theirs, offering an alternative where users are first,"The cryptocurrency of the platform $SAND has surged more than 200% after Facebook announced last week it was changing its name to Meta Platforms Inc, sparking investor interest in companies developing Metaverse gaming experiences. The Metaverse refers to the idea of a shared virtual platform that people can access and navigate in digital environments across multiple devices.
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