Quick take:
- The Sandbox is raising $400 million at a $4 billion valuation.
- The global media conglomerate cited people familiar with the matter saying the metaverse startup is talking to existing investors.
- Its parent Animoca Brands raised $359 million at a $5 billion valuation earlier this year.
Leading metaverse and blockchain gaming startup The Sandbox is raising $400 million at a valuation of $4 billion according to people familiar with the matter, Bloomberg reported on Tuesday.
The platform sells virtual real estate to project developers and brands looking to buy digital plots.
Some of The Sandbox’s most recent customers on the platform include the world’s leading brands like Adidas and HSBC, which have recently acquired plots of land on the platform, while the petaverse gaming platform Dogami and Anicube recently rolled out gaming and experiential projects.
Leading blockchain and Web3 investment company Animoca Brands is the majority shareholder in the Sandbox, while SoftBank Vision Fund 2 has also invested in the startup.
Animoca raised $359 million at a valuation of $5 billion earlier this year, which it has since gone to invest in various projects, including acquisition in a bid to make its dream of building the open metaverse a reality.
Given the valuation of the Sandbox relative to Animoca, it is logical to say that the metaverse platform accounts for a majority of the Hong Kong-based blockchain company’s interests. Animoca Brands has completed several gaming acquisitions and partnerships all tied to its immersive 3D platform.
As a result, The Sandbox has experienced rapid growth despite the general volatility of the crypto industry with its native token, now priced at $2.95, reaching a market capitalisation of $3.4 billion.
The platform is built on the leading decentralised apps blockchain, the Ethereum network, allowing users to buy NFTs and in-game items.
The Sandbox initially started as a mobile game, rising to fame in 2018 when its namesake games garnered 40 million downloads in total.
Since transitioning into blockchain gaming, it has become one of the most popular metaverse platforms, thanks to partnerships with leading crypto-centric celebrities like Snoop Dogg, Steve Aoki and Deadmau5.
Animoca Brands co-founder executive chairman Yat Siu is building his open metaverse campaign around The Sandbox metaverse — and if the fundraising comes to fruition, it will be making a big step toward realising that dream.
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