The Sandbox raises $93M to broaden its NFT metaverse
The metaverse continues to be the subsequent attraction level of crypto for buyers, with The Sandbox, an Animoca Brands subsidiary and nonfungible token (NFT) metaverse platform, elevating contemporary capital in a funding spherical led by SoftBank Vision Fund 2.
Marking SoftBank Vision Fund 2’s first funding into the crypto property, The Sandbox’s Series B spherical noticed $93 million raised with the participation of Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios and Samsung Next, amongst others.
According to the announcement, The Sandbox goals to hurry up the expansion of its open metaverse with video games, stay performances and social experiences whereas “supporting more creators and involving more brands and intellectual properties.”
The recreation permits gamers to monetize their time spent within the metaverse in several methods, also called the play-to-earn mannequin. It creates a round financial system the place the sources collected by one class of gamers are bought and bought by one other class of participant or creator, the announcement reads.
As an NFT-based open metaverse, The Sandbox is understood for its partnerships with over 165 manufacturers — together with Snoop Dogg, The Walking Dead, The Smurfs, Care Bears, Atari and CryptoKitties — “to create voxelized versions of their worlds and characters on the platform.“ Binance, Bored Ape Yacht Club, Socios, the Winklevoss twins and CoinMarketCap bought digital land in the metaverse of The Sandbox.
The Sandbox CEO and co-founder Arthur Madrid shared the team’s plans to expand into fashion, architecture, virtual concerts and shows, art galleries, and museums. “We are developing an entire ecosystem that opens new digital job opportunities for players and creators in our open NFT metaverse,” he added.
Related: Animoca Brands doubles valuation to $2.2B with new $65M funding spherical
Aaron Wong, an investor at SoftBank Investment Advisers, defined that The Sandbox is leveraging blockchain and decentralized governance to provide energy and management to its customers:
“We believe The Sandbox is constructing an open metaverse, unlocking new economic opportunities by empowering people to build and monetize their creations, from avatars and buildings to games and collectibles.”
Last month, The Sandbox mum or dad firm Animoca Brands, backed by gaming giants like Ubisoft Entertainment, additionally raised $65 million in new funding spherical, doubling its valuation to $2.2 billion.