The Sandbox, a blockchain-based virtual game, has raised $93 million in a Series B funding round. The round was led by SoftBank’s Vision Two Fund, and had the participation of investors Galaxy Interactive, Thai bank subsidiary SCB 10X, LG Technology Ventures, True Global Ventures, and Samsung Next, amongst others. The latest fundraising comes a year after its last funding round, where the firm raised $2 million to expand its blockchain-based game metaverse.
The Sandbox —a subsidiary of Animoca Brands, allows players to build, own, and monetize their virtual gaming experiences on the Ethereum blockchain. It provides creators with ownership as NFTs and offers tools to create assets on the platform. Players also interact with one another and participate in battles and challenges to earn in-game tokens. In addition, a specific feature of The Sandbox is the sale of land. Landowners can build their own personalized digital experience on the platform’s metaverse. Major companies such as Binance, Bored Ape Yacht Club, Socios, and CoinMarketCap have all bought digital land in the metaverse of The Sandbox.
No doubt, its business has been profitable, as The Sandbox has generated a total of $144 million in gross merchandise value (GMV), and registered over 500,000 digital wallets this year alone. The company is also popular for its partnerships with over 165 brands, which includes the likes of big names such as Snoop Dogg, The Walking Dead, The Smurfs, Care Bears, Atari, and CryptoKitties.
According to the announcement, the firm plans to use the new funds to accelerate the growth of its open metaverse with games, live performances and social experiences, while supporting more creators and involving more brands and intellectual properties. “This investment will help fuel the growth of The Sandbox creators’ economy as we expand beyond gaming into fashion, architecture, virtual concerts and shows, art galleries, museums, and more,” said Arthur Madrid, Chief Executive Officer and Co-Founder of The Sandbox. “We are developing an entire ecosystem that opens new digital job opportunities for players and creators in our open NFT metaverse,” he added.
Commenting on the investment, Aaron Wong, an investor at SoftBank Investment Advisers, said that The Sandbox was “unlocking new economic opportunities by empowering people to build and monetize their creations, from avatars and buildings to games and collectibles.”
The company’s native token ‘SAND’, which has a market capitalization of $2.5 billion, is trading at $2.58 as of the time of this writing.