Sandbox, a Metaverse firm, is on the cusp of launching a new round of funding at a valuation of $4 billion.
The company wants to fund $400 million and is looking for both existing and new investors.
Funding for Developments
Animoca Brands Corp, the company that owns the Sandbox, is in talks with potential investors. The valuation and size of the new investment round may change in the future. This determines by market forces and investor demand.
Along with efforts like Decentraland, The Sandbox is a colossus in the Metaverse. It’s a play-to-earn platform built on Ethereum’s blockchain. It also allows users to buy, sell, trade, and hold virtual assets, which are typically in the form of NFTs.
Users explore the game’s sceneries in the Metaverse and buy a piece of it, LAND, during gameplay on the metaverse. A parcel of land in the Sandbox or an ERC-721 token on the Ethereum blockchain refers to as LAND.
The Sandbox gained notoriety when it released its two namesake mobile games, which received over 40 million downloads in total. After then, the initiative entered the blockchain by launching a project that allowed for user-generated content. It has a marketplace where assets can trade as non-fungible tokens (NFTs).
There are almost 2 million registered users in the Sandbox ecosystem. It’s a milestone they commemorated in conjunction with the release of their new Alpha Season 2 build.
HSBC, the world’s most well-known bank, is one of its most prominent users. They recently purchased LAND in the Sandbox and entered into a collaboration agreement with the Sandbox initiative. The Sandbox team will assist HSBC in its foray into the Metaverse as part of the transaction.
Projects Invested on Sandbox
Adidas and Carrefour SA, two major worldwide brands, have also entered the Sandbox and purchased plots. Warner Bros. has also acquired a plot in the Sandbox, which it intends to use to organize virtual concerts. The music video for Snoop Dogg’s new single “House I Built,” shot in the Metaverse, featured his digital double dancing.
The global market value of Metaverse expects to rise from $45.4 billion in 2019 to $1.5 trillion in 2030. HSBC could be the most active financial player in the metaverse. This, however, may start off a chain reaction in which other institutions begin to engage with web3.
At press time, the Sandbox project had a market valuation of $3.27 billion, with the platform’s native token SAND valued at $2.82. Animoca Brands Corp., a blockchain gaming company, has raised $93 million in Series B funding. In November 2021, Softbank Vision Fund spearheaded the funding.
This is the Vision Fund’s first move into the cryptocurrency asset area. Simultaneously, the money aids in the creation of the Sandbox’s open metaverse.
