The Sandbox Eyes 4 Billion Dollar Valuation After Opening A New Funding Round
The Sandbox, one of the companies at the leading edge of the Metaverse, has released the lofty goals of raising $400 million USD in its upcoming funding round to reach a total valuation of $4 billion USD. The new funding round comes less than six months after the platform raised $93 million in a Series B round led by SoftBank’s Vision Fund 2. Other previous investors have included True Global Ventures, Square Enix, Galaxy Interactive and Angelhub with the latest funding round drawing even more attention.
By Andrew Senior
April 20th, 2022
The Sandbox is hoping to expand its operations in line with co-founder and chief of operations Sebastian Borget’s plan to be more aggressive with new hirings and acquisitions this year while expanding the Metaverse economy beyond just gaming.
Released on iOS, Android and Windows, The Sandbox is essentially an open-world game within the metaverse that allows users to interact with one another digitally to buy and sell virtual assets in the form of NFTs. In 2018, Hong Kong-based NFT digital property firm Animoca Brands acquired Pixowl, the original developer and publisher behind The Sandbox.
2021 saw Facebook rebranded itself into Meta, bringing a massive surge of popularity to the new virtual worlds while paving the way for other blockchain-based projects like Axie Infinity and Decentraland.
The Sandbox’s native token SAND saw a large rise in valuation following Facebook’s initial announcement and 2022 had seen the Sandbox platform continue to attract attention. Recently, multinational bank HSBC, announced it bought a virtual plot of land in The Sandbox to connect and engage with its audience.