The Sandbox Secures $20 Million in Funding for Metaverse Expansion

According to an Altcoin Daily post on X, Animoca Brands Corporation Limited, in collaboration with its subsidiary Bacasable Global Limited, the operator of The Sandbox, has successfully raised $20 million in convertible promissory notes. This strategic funding, led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures values. 

The Sandbox is at a significant $1 billion valuation cap. The funding will be used to further develop The Sandbox’s vision of a decentralized virtual world that integrates culture and gaming, allowing the community to actively participate in and benefit from the growth of the ecosystem.

The Sandbox plans to upgrade its Game Maker and VoxEdit 3D editor tools, introducing new social interactions and avatar abilities. They also planned to expand gameplay possibilities with a new multiplayer rules system that will launch in beta later this year. The company is also developing a mobile version of its decentralized metaverse, which is expected to launch in 2025.

A recent Animoca Brands blog notes that The Sandbox has achieved milestones, including the publication of over 1,000 user-generated experiences on its virtual map and attracting over 5.7 million users with crypto wallets. The platform is also working on a mobile version of its metaverse, set to launch in 2025. With over 400 partnerships with global brands and more than 100 experiences featuring these brands in production, The Sandbox is poised to attract new audiences to explore the metaverse.

The Sandbox has seen over 330,000 unique creators download its no-code Game Maker in the last year. Additionally, more than 60,000 avatar NFTs have been sold and used in the virtual world, including NFTs from 19 official branded collections.

The Sandbox is on the verge of mainstream applications onboarding new users to Web3. The company leverages the power of fandom to drive new audiences to explore the metaverse, with a strong focus on user-generated content and creator opportunities. With its latest funding round and plans for expansion, The Sandbox is reportedly well-positioned to continue shaping the future of the metaverse.