With The Sandbox, an Animoca Brands subsidiary and nonfungible token (NFT) metaverse platform, obtaining fresh funds in an investment round headed by SoftBank Vision Fund 2, the metaverse continues to be the next draw point of crypto for investors.
The Sandbox’s Series B round saw $93 million invested with the involvement of Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios, and Samsung Next, among others, marking SoftBank Vision Fund 2’s first investment into crypto assets.
The Sandbox plans to expand its open metaverse with games, live concerts, and social interactions, while “supporting more artists and involving more companies and intellectual rights,” according to the statement.
The game’s play-to-earn approach allows users to monetize their time spent in the metaverse in a variety of ways. According to the statement, it establishes a circular economy in which resources obtained by one category of players are sold and purchased by another type of player or producer.
The Sandbox is recognised for its relationships with over 165 companies, including Snoop Dogg, The Walking Dead, The Smurfs, Care Bears, Atari, and CryptoKitties, to “build voxelized replicas of their worlds and characters on the platform” as an NFT-based open metaverse. Binance, Bored Ape Yacht Club, Socios, the Winklevoss brothers, and CoinMarketCap all purchased digital properties in The Sandbox’s metaverse.
Arthur Madrid, the Sandbox’s CEO and co-founder, discussed the company’s aspirations to go out into fashion, architecture, virtual concerts and events, art galleries, and museums. “In our open NFT metaverse, we’re building a full ecosystem that offers up new digital career prospects for gamers and producers,” he continued.
The Sandbox is embracing blockchain and decentralised governance to give consumers power and influence, according to Aaron Wong, an investor at SoftBank Investment Advisers:
Last month, Animoca Brands, which owns The Sandbox and is supported by Ubisoft Entertainment, raised $65 million in a fresh fundraising round, bringing its total worth to $2.2 billion.