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NFT Metaverse Game The Sandbox Receives $ 93M in Funding



The Sandbox, a subsidiary of Animoca Brands and an Ethereum- based NFT Metaverse platform, has secured $ 93 million in its financing round. According to a report, the Hong Kong-based company plans to use the funds to expand the Metaverse economy beyond gaming. SoftBank Vision Fund 2 led this financing round together with other well-known investors.

This round of funding marks SoftBank's second investment in a company that generates its own cryptocurrency. Other investors in the financing round included Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios, Liberty City Ventures, LG Technology Ventures, and Samsung Next.

Aaron Wong, the investor at SoftBank Investment Advisers, explained why SoftBank invested in The Sandbox: "The company uses blockchain and decentralized management to put its users in control." He added that The Sandbox is an open universe creates that opens up new economic opportunities. This gives users an opportunity to monetize their creations.

The developers of The Sandbox are currently declining to disclose the valuation after securing the $ 93 million. But the SAND game's digital token has soared. Its market capitalization has already reaches $ 2.49 billion. At the time of this writing, SAND is costing about $ 2.74 after gaining 27.05% in 24 hours and 228% in the last week.

Big plans for The Sandbox

Sebastien Borget, COO of The Sandbox, explained how the company intends to use the funds from the financing round. The investment is designed to help expand SandBox's economy beyond gaming to include fashion, architecture, and virtual concerts.

Borget added:

We create this open metaverse. We're positioning the sandbox against the giant tech companies that claim the metaverse and offer an alternative that puts users first.

This Series B round of funding came after The Sandbox closed a Series A round of funding just over a year ago. Since then, the company has seen significant growth in a variety of areas. According to the company, the platform has recorded a volume of NFT transactions of over $ 144 million. Even though the game isn't even live yet.

Aside from the transactions, The Sandbox has 12,000 unique LAND plot owners and 500,000 users who have their crypto wallets connected to the platform.

With the alpha trial version of the game slated for release before the end of the year, the company has already partnered with several celebrities. This also includes the avid NFT collector Snoop Dogg. These celebrities will have an exclusive party for 1,000 users in the game. The Sandbox has also partnered with The Walking Dead, Bored Ape Yacht Club, Atari, and the crypto exchange Binance.

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