The Sandbox Raises $93 in Series B Funding Round
The hype surrounding the metaverse continues to grow. Amid news that Facebook has changed its name to Meta, the Sandbox NFT project's SAND cryptocurrency surged 244%, and the company's latest Series B funding round helped raise $93M.
The Sandbox is the work of Pixowl, a sub-company of Animoca Brands, which distributes games and applications with those created on the basis of the blockchain. The company's new financial round has managed to attract the attention of such market giants as Softbank Vision Fund 2. What is also remarkable is that this investment was the first funding of digital currencies by Softbank Vision Fund 2.
Other companies taking part in the round include Galaxy Interactive, Blue Pool Capital, and True Global Ventures. The latter donated $10M to the authors of the metaverse within its own focus on the blockchain 4 Plus fund.
In 2021, The Sandbox virtual worlds were replenished with more than 500,000 registered wallets and 12,000 new owners of unique LAND units. The Sandbox members can build their own worlds, similar to Minecraft, creating various in-game elements, buying or selling them for tokens. Thus, the creators allow the inhabitants of this metaverse to monetize the objects they have created based on the Ethereum blockchain.
According to the COO of the game, Sebastien Borget, they are building their own meta-universe on the principle of openness primarily for users, as opposed to the virtual worlds that giant tech companies form. The latest financial round will help the development team in this, supporting the expansion of the metaverse's economy.
Animoca Brands also managed to raise $140M earlier this year in another round of funding, and later in October, they raised another $65M. The Sandbox was also mentioned more than once in the media and was remembered by the public for its partnerships and collaborations with The Smurfs, Atari, CryptoKitties, The Walking Dead, and rapper Snoop Dogg.
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