The blockchain-based gaming platform The Sandbox has just raised more than 90 million US dollars (approx. 669 billion rupees) in a financing round led by the SoftBank Group. The Hong Kong-based platform is majority-owned by blockchain gaming developer Animoca Brands and enables users to create a virtual world powered by non-fungible tokens (NFT) in which to build their virtual gaming experience on top of the Ethereum, can own and monetize blockchain. This is also the first time SoftBank’s venture capital fund has invested in a company that issues its own cryptocurrency. Other notable backers who have joined the funding round include LG Technology Ventures, Samsung Next, and Liberty City Ventures.
The latest investment will help the company expand the platform beyond gaming and expand its ecosystem – namely fashion, architecture and virtual concerts, said Sebastien Borget, the company’s co-founder and chief operating officer, in an interview with Reuters.
The development comes at a time when Facebook and other tech giants are unveiling their ambitions to build a digital realm known as the “Metaverse”. Borget mentions this in his interview by saying, “We are creating this open metaverse. We are positioning the sandbox against these giant tech companies that claim the metaverse is theirs and offering an alternative that puts users first.”
The sandbox is available on all major platforms like iOS, Android, and Windows and allows players to monetize all of the items in the game, be it the virtual property they develop or the weapons they create for the character. These items can be traded as NFTs on the platform’s marketplace.
Animoca Brands says The Sandbox has seen remarkable growth this year with “over 500,000 registered wallets and 12,000 unique virtual LAND owners”. According to CoinMarketCap, the platform’s token, SAND, has a market cap of $ 2.46 billion (roughly Rs 18,309 billion).
Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.
Affiliate links can be generated automatically – see our ethics statement for details.