Press Release

The Sandbox Raises $20M at $1B Valuation 

The Sandbox raises $20 million at a $1 billion valuation, and the SAND token rises 4.5%.

TakeAway Points:

  • Leading investors Kingsway Capital and Animoca Brands helped the Sandbox raise $20 million at a $1 billion valuation.
  • Following the announcement, SAND cryptocurrency saw a 4.5% increase in market capitalization, reaching $1.1 billion as of now.
  • By 2025, funds will be used to upgrade Game Maker tools and create a decentralised metaverse for mobile devices.

The Sandbox Secures $20 Million in Funding

The Metaverse platform receives $20 million in funding from The Sandbox. In an investment round valued at $1 billion, The Sandbox has successfully raised $20 million. Kingsway Capital and Animoca Brands led this round, and LG Tech Ventures and True Global Ventures also contributed. The Sandbox, which had previously sought to raise $400 million at a $4 billion value in 2022, has achieved a noteworthy milestone with this funding. The new valuation reflects a more conservative market sentiment but still underscores the platform’s potential in the burgeoning metaverse space.

SAND Token Response

Meanwhile, the price of SAND, the native token of The Sandbox, increased by 4.5% after the fundraising round was announced. Based on data from CoinDesk, SAND’s market capitalization is currently $1.1 billion. This change in price reflects investor optimism about the platform’s future possibilities, which are enhanced by the recent cash infusion. For present and future investors, the increase in SAND’s value is encouraging since it shows that the market sees the funding as a driver for expansion and improvement in the future.

Strategic Use of Funds

According to the report, a portion of the funds raised will go towards creating a mobile device decentralised metaverse, which should launch in 2025. The Sandbox also intends to upgrade its 3D editor and Game Maker tools, improving user experience and extending the platform’s potential. Citing a McKinsey prediction that the metaverse may boost the world economy by $5 trillion by 2030, Yat Siu, co-founder of Animoca Brands, emphasised the metaverse’s wider economic potential. 

Siu emphasized the unique value proposition of The Sandbox, stating, “Today, games like Minecraft and Roblox are some of the most popular titles in the world, but they do not provide their users with digital property rights. The Sandbox represents the evolution of UGC games for the age of digital ownership.”

About Sandbox

The Sandbox is a two-dimensional sandbox game that was created by the Pixowl game company and released on May 15, 2012, for Microsoft Windows and mobile devices running iOS and Android. June 19, 2015 saw the PC version’s release via Steam.

Later, The Sandbox Evolution, a follow-up, was made available on the same platforms.

The name of the brand was utilised for a blockchain-based 3D open world game that was released on November 29, 2021, after Animoca Brands purchased it in 2018.

In addition, the game features more intricate components including people, animals, and mechanical devices. The game presents the player with tasks like constructing an electrical circuit or a battery. Created worlds can be saved by players and added to a public gallery.

Microtransactions are needed to unlock more building pieces in the game, which is otherwise free to play.

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