The Sandbox, a metaverse game, is the most recent crypto unicorn after a $20M raise managed by Animoca Brands in conjunction with Kingsway Capital.
On June 5, the Sandbox, an Ethereum metaverse game platform, revealed it had generated $20M in convertible promissory notes at a valuation of $1B. As such, the long-running project is the most recent crypto ‘unicorn,’ based on the billion-dollar valuation.
Animoca Brands Helps The Sandbox Raise $20M
Kingsway Capital and Animoca Brands led the latest funding. Animoca is a famous metaverse investment company and is the parent of Bascable Global Limited, Sandbox’s operating firm. The round’s other participants included True Global Ventures and LG Tech Ventures.
In a statement, Yat Siu, Animoca’s co-founder and executive chairman, revealed they are profoundly honored by the constant dedication to The Sandbox’s vision. He also said they are extremely enthusiastic about the future of composable user-created content games.
With the new funding, The Sandbox’s development team claimed that enhancing developer tools, incorporating new gameplay and social features, and creating a mobile version scheduled for next year are its main priorities.
The Sandbox is a famous blockchain game thanks to collaborations with more than 400 brands and celebs such as Gucci, Paris Hilton, and Snoop Dogg. Besides, its prominence is linked to an earlier huge demand for in-game plots sold through nonfungible tokens (NFTs). In 2021, somebody used crypto worth $450,000 for a land neighboring the Snoop Dogg’s metaverse mansion.
The Sandbox Team Eyes Creative Technologies
CoinGecko data shows that the game’s SAND token on Ethereum is still one of the globe’s most valuable cryptocurrencies based on market capitalization. Nevertheless, its NFT land plots’ price has decreased significantly since metaverse publicity peaked in early 2022, from 3.9 Ether ($11700) to the current 0.08 Ether ($300).
In a release, Arthur Madrid, The Sandbox’s chief and co-founder, noted that their mission entails developing creative technologies and tools that promote fairness and introduce new opportunities for all categories of creators in the open metaverse.
Editorial credit: Ira Lichi / Shutterstock.com
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