- The Sandbox has concluded a strategic funding round.
- The round attracted the participation of various industry heavyweights.
- The Sandbox will use the funding to advance its metaverse vision.
Animoca Brands’ subsidiary The Sandbox has raised millions of dollars with a US$1 billion valuation cap to bolster the creator economy in “open metaverse.”
The Sandbox is an immersive virtual world platform that allows users to create and monetize gaming, entertainment, music, art, or other unique cultural experiences through Web3 technologies. The platform has secured over 400 partners, including Gucci, Lacoste, Warner Music Group, Ubisoft, and Snoop Dogg.
The Sandbox Raises $20 Million
According to a press release dated June 6, The Sandbox has raised $20 million of convertible promissory notes in a strategic funding round led by Kingsway Capital and Animoca Brands, with True Global Ventures and LG Tech Ventures participating.
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The Sandbox will use the funding to advance its vision of a decentralized virtual world “where culture meets gaming” and creators can participate actively and benefit from the growth of the whole ecosystem.
To achieve this, The Sandbox plans to maximize earning opportunities for creators on its platform by introducing new social interactions, expanding gameplay possibilities via a new multiplayer rules system, and developing a metaverse platform compatible with mobile devices.
“Our mission at The Sandbox is to develop creative tools and technologies that bring fairness and new opportunities for all types of creators in the open metaverse in all aspects of culture, particularly games, music, fashion, art, sports, and entertainment,” the Sandbox CEO and Co-founder Arthur Madrid stated.
Per the statement, noteholders can convert into equity of Bacasable Global Limited “at the same terms as existing preference shares.”
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Read about China’s three-year action plan for the metaverse:
China Bets Big on the Metaverse with Three-Year Action Plan
Stay updated on McDonald’s metaverse initiative in Singapore:
McDonald’s Unveils My Happy Place Metaverse in Singapore
