SoftBank Vision Fund 2 led the $93 million Series B round, marking the fund’s first funding into crypto assets.
The metaverse continues to be the following attraction level of crypto for investors, with The Sandbox, an Animoca Manufacturers subsidiary and nonfungible token NFT metaverse platform, elevating contemporary capital in a funding round led by SoftBank Vision Fund 2.
Marking SoftBank Vision Fund 2’s first funding into the crypto assets, Sandbox’s Series B round noticed $93 million raised with the participation of Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios and Samsung Next, among others.
In line with the announcement, The Sandbox goals to hurry up the expansion of its open metaverse with video games, dwell performances and social experiences whereas “supporting extra creators and involving extra manufacturers and mental properties.”
The sport permits gamers to monetize their time spent within the metaverse in different methods, also referred to as the play-to-earn model. It creates a circular economy the place the sources collected by one category of gamers are offered and bought by another class of participant or creator, the announcement reads.
As an NFT-based open metaverse, The Sandbox is known for its partnerships with over 165 manufacturers — together with Snoop Dogg, The Strolling Useless, The Smurfs, Care Bears, Atari and CryptoKitties — “to create voxelized versions of their worlds and characters on the platform.“ Binance, Bored Ape Yacht Club, Socios, the Winklevoss twins and CoinMarketCap bought digital land in the metaverse of The Sandbox.
The Sandbox CEO and co-founder Arthur Madrid shared the crew’s plans to broaden into vogue, structure, virtual concerts and shows, art galleries, and museums. “We’re growing a whole ecosystem that opens new digital job opportunities for gamers and creators in our open NFT metaverse,” he added.
Aaron Wong, an investor at SoftBank Investment Advisers, defined that Sandbox is leveraging blockchain and decentralized governance to provide energy and management to its users:
“We imagine The Sandbox is setting up an open metaverse, unlocking new economic opportunities by empowering individuals to construct and monetize their creations, from avatars and buildings to games and collectibles.”
Last month, The Sandbox guardian firm Animoca Manufacturers, backed by gaming giants like Ubisoft Entertainment, additionally raised $65 million in new funding round, doubling its valuation to $2.2 billion.