The Sandbox successfully raised $93 million, SAND price broke records with a 57% increase

The Sandbox, a Hong Kong-based gaming platform that allows users to build a virtual world using NFT, has raised $93 million from investors led by SoftBank’s Vision Fund 2. .

The latest funding round comes more than a year after the last round as the company saw rapid growth in monthly active users and trading volume on the platform surpassing $144 million. It also marks Vision Fund 2’s first investment in a company that issues its own cryptocurrency.

The Sandbox, majority owned by blockchain game developer Animoca Brands, allows players to build, own, and monetize virtual game experiences on the Ethereum blockchain. It gives creators ownership in the form of NFTs and provides tools to create content on the platform.

The platform has announced partnerships with brands and celebrities, including rapper Snoop Dogg, who will create a digital replica of his mansion in the Sandbox metaverse.

The company declined to disclose its valuation after the round, but the native token SAND currently has a market cap of $2.3 billion and is ranked 64th on Coinmarketcap. The company says it currently owns about 22% of the tokens.

The SAND price jumped more than 200% after Facebook announced its name change to Meta Platforms Inc last week, which has increased investor interest in companies building metaverse game experiences. Following the news of SoftBank’s funding, the token price jumped to a new ATH of $3.27 and is up 57% on the day.

Source: TradingView

CEO and co-founder, Sebastien Borget, said the investment will help boost the economy of Sandbox creators as it expands from gaming into fashion, architecture and events. virtual concert.

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According to Reuters

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