The Sandbox Hits $1B Valuation with $20M Boost, Plans Creator Economy Surge

Last Updated on June 7, 2024

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The Sandbox website on an iPhone in dark mood. Source: Koshiro -

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.

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.

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.

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.

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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