- The Sandbox, a subsidiary of Animoca Brands, announced a $20 million funding round at a $1 billion valuation cap to expand its creator economy within the open metaverse.
- The new funds will be used to enhance creators’ earning opportunities, update tools, introduce new social interactions and avatar abilities, and expand gameplay possibilities with a new multiplayer rules system.
- The Sandbox aims to empower creators through initiatives like the Game Maker Fund model, which includes $100 million SAND until 2028 to support creators based on their experiences’ engagement.
The Sandbox, a subsidiary of Animoca Brands, is a decentralized virtual world where users can build, own, and monetize their gaming experiences on the Ethereum blockchain. Recently, The Sandbox announced a $20 million funding round aimed at expanding its creator economy.
The Funding Round
The Sandbox raised $20 million in its latest funding round led by Kingsway Capital and Animoca Brands. The strategic funding, which also included participation from LG Tech Ventures and True Global Ventures, will support The Sandbox’s goal of creating an open metaverse.
Previously in 2022, The Sandbox looked to raise funds at a $4 billion valuation. However, with the decline in the SAND token price, the new raise aligns with the project’s $1 billion valuation.
Use of Funds
The new funds will be used to enhance creators’ earning opportunities, update the Game Maker and VoxEdit tools, introduce new social interactions and avatar abilities, and expand gameplay possibilities.
Some of the planned updates include a new multiplayer rules system launching in beta later this year and full launch in 2025. The Sandbox is also developing a mobile version of its metaverse expected to release in 2025.
The Sandbox’s Vision
Sebastien Borget, COO and co-founder of The Sandbox, highlighted the platform’s commitment to developing technologies that provide new opportunities for creators in the open metaverse.
Recent milestones for The Sandbox include enabling over 25,000 virtual real estate owners to publish their experiences and developing a thriving economy with over 11,000 unique digital assets.
Borget said the new funding will help The Sandbox empower creators and make Web3 opportunities accessible to a mainstream audience. Brands and communities can come together on the platform to co-create the future of gaming and entertainment.
Roadmap Ahead
The Sandbox’s roadmap for 2024 includes launching 50 new collections, introducing gameplay mechanics, and hosting 30 Game Jams. With initiatives like the $100 million Game Maker Fund, The Sandbox aims to solidify its position as a leader in metaverse and Web3 gaming.
