Key Takeaways:
- Funding and Growth: The Sandbox raised $20 million at a $1 billion valuation, adding over 330,000 unique creators despite a challenging market.
- Development Plans: Funds will support expanding the creator economy and developing a decentralized mobile metaverse platform, launching in 2025.
- Platform Enhancements: Upcoming upgrades include new social features, avatar skills, and a multiplayer rules system, with significant growth since its 2023 Alpha launch.
The Sandbox, a popular metaverse platform operated by Animoca Brands and its subsidiary Bacasable Global Limited, announced that it has added over 330,000 unique creators despite the challenges faced by metaverse projects following the bear market of 2022-23.
The company raised $20 million through convertible promissory notes at a $1 billion valuation, with Kingsway Capital leading the funding round, alongside LG Tech Ventures and True Global Ventures.
Our subsidiary @TheSandboxGame, a leading user-generated content (UGC) #metaverse platform, has announced that it has raised US$20 million of convertible promissory notes with a US$1 billion valuation cap. https://t.co/G0tljR5zb8
— Animoca Brands (@animocabrands) June 7, 2024
The funds will be used to expand The Sandbox’s creator economy and develop its decentralized mobile metaverse platform, set to launch in 2025.
Planned upgrades include new social features, avatar skills, and enhancements to the Game Maker and VoxEdit 3D editing tools.
SANDBOX RAISES NEW ROUND AT $1B VALUATION – $SAND SPIKES ON THE NEWS
— BSCN (@BSCNews) June 6, 2024
– Leading crypto metaverse project, @TheSandboxGame has just announced a $20 million raise that values the project at $1 billion.
– Kingsway Capital and @AnimocaBrands are reported to have led the funding… https://t.co/uBnsT1yOVu pic.twitter.com/HvA8yIKtUF
The platform also aims to improve gameplay with a new multiplayer rules system, entering beta later this year.
Since its Alpha launch in November 2023, The Sandbox has seen significant growth, with over 1,000 user-generated experiences and 5.7 million user accounts linked to cryptocurrency wallets.
Metaverse Not That Dead as The Sandbox Hits $1 Billion Valuation
— Blockhead (@blockhead_co) June 7, 2024
Metaverse searches have fallen 50% over the last six months but @TheSandboxGame has managed to raise $20 million with a valuation of $1 billion
Read more: https://t.co/c9Ps6tcdJd
Despite the general bearish sentiment towards the metaverse, The Sandbox’s co-founder Yat Siu highlighted its potential for digital ownership, distinguishing it from popular games like Minecraft and Roblox.
Ethereum metaverse game @thesandboxgame is the latest crypto unicorn, jumping to a $1 billion valuation on the back of a new funding round. Click to read via @ggDecrypt: https://t.co/WxMtyl2vLs
— Decrypt (@decryptmedia) June 6, 2024
McKinsey projects the metaverse economy to grow to $5 trillion by 2030, indicating a promising future for platforms like The Sandbox.
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