To construct a gaming platform where players can design, control, and monetize their virtual gaming experiences using non-fungible tokens, a startup has received US$93 million (NFTs).
An investment group headed by SoftBank has closed a fundraising round for The Sandbox, a Hong Kong-based gaming platform owned mostly by blockchain game developer Animoca Brands.
Since its inception in 2012, The Sandbox has produced a gross merchandise volume of over US$144m and has a wallet attached to the platform for over 500,000 members.
There has been a lot of conversation about metaverses and NFTs recently, especially after the Facebook-led move to rebrand as ‘Meta,’ focusing on its metaverse, and when high-end NFTs selling for over $1 million became common.
A variety of well-known firms have forged intellectual property relationships with the Sandbox to build virtual sub-worlds and characters in the metaverse.
Sandbox co-founder Sebastien Borget of the funding said:
“help scale up our growth strategy, operations, and player acquisition in The Sandbox ecosystem.”
True Global Ventures, Liberty City Ventures, and Galaxy Interactive were also part of the fundraising round that included SoftBank as an investor. This is the Japanese company’s first entry into crypto assets.
The Sandbox, the cryptocurrency it backs, has a market worth of roughly US$2 billion, but the business has not commented on its valuation.