The Sandbox raises $93M to expand its NFT metaverse

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Metaverse continues to be the next attraction for crypto investors, as The Sandbox, a subsidiary of Animoca Brands and the Metaverse of Non-Financial Tokens (NFT) platform, is raising fresh capital in a funding round hosted by SoftBank Vision Fund 2.

Sandbox Series B marked the first crypto investment of SoftBank Vision Fund 2 and raised $93 million, including Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios and Samsung Next.

According to the announcement, The Sandbox aims to accelerate the growth of open metering devices through games, live shows, and social events, “supporting more creators and engaging more brands and intellectual property.”

The game allows players to make money from their time in the metaverse in several ways, also known as the “play to make money” model. This creates a closed economy where resources harvested by one class of players are bought and sold by another class of players or creators, as mentioned in the ad.

As an NFT-based open Metavers, The Sandbox is known to collaborate with over 165 brands, including Snoop Dogg, The Walking Dead, The Smurfs, Care Bears, Atari, and CryptoKitties — “to create waxed versions of their worlds and personalities on the Binance platform.” , Bored Ape Yacht Club, Socios, twins Winklevoss and CoinMarketCap have purchased digital land in the sandbox metaverse.

Sandbox CEO and co-founder Artur Madrid has shared the team’s plans to expand into fashion, architecture, concerts, virtual shows, art galleries and museums. “We are developing an entire ecosystem that unlocks new digital experiences for players and creators in our open NFT barriers,” he added.

RELATED: Animoca Brands Doubles Its Value To $2.2 Billion In New $65 Million Funding Round

Aaron Wong, an investor with SoftBank Investment Advisers, explained that Sandbox uses blockchain and decentralized management to give users power and control:

“We believe Sandbox creates open barriers by unlocking new financial opportunities, giving people the opportunity to create and make money from their creations, from avatars and buildings to games and collectibles.”
Parent company The Sandbox Animoca Brands, backed by gaming giants such as Ubisoft Entertainment, also raised $65 million in a new funding round last month, doubling its value to $2.2 billion.

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