Popular metaverse project, ‘The Sandbox’ (SAND), is reportedly looking to raise $400 million in its next funding round, which would take the valuation of the crypto startup to $4 billion.
The Sandbox was one of the earliest metaverse platforms built on the Ethereum blockchain. The Animoca Brands owned startup allows users to buy, sell, trade, and own digital assets in a virtual world.
Blockchain.com Prepares for Public Offering
According to insiders familiar with the matter, The Sandbox is already in talks with new and existing investors alike to determine the size and valuation of its upcoming Series C funding round.
Reports suggest that The Sandbox is looking to raise up to $400 million, which would see the firm reach a $4 billion valuation.
In November, the project’s Series B funding round saw The Sandbox raise $93 million. The round was led by SoftBank’s Vision Fund 2, which marked its first investment into crypto assets, and saw investments from Liberty City Ventures, Samsung Next, and others.
SAND, the native token of The Sandbox metaverse, has been rallying in recent times. Over the last 24 hours, SAND has gained by more than 10% to set a new weekly high of $3.09.
The 24 hour price chart for The Sandbox (SAND). Source: Tradingview
On the Flipside
- Although there have been rumors of an Initial Public Offering (IPO), Sebastien Borget, co-founder of The Sandbox, has stated that the company is not going public just yet.
Why You Should Care
The fund will reportedly help The Sandbox “create compelling metaverse experiences for users.”