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The Sandbox Seeks to Raise $400M in Funds at $4B Valuation
Summary: Metaverse firm The Sandbox, a community-drive platform where creators can monetize assets and gaming experiences on the blockchain, is considering raising $400 million in fresh funds for a valuation of more than $4 billion, according to a Bloomberg report on Tuesday. The platform is now in talks with new and existing investors for funding, according ...
Metaverse firm The Sandbox, a community-drive platform where creators can monetize assets and gaming experiences on the blockchain, is considering raising $400 million in fresh funds for a valuation of more than $4 billion, according to a Bloomberg report on Tuesday.
The platform is now in talks with new and existing investors for funding, according to an anonymous Bloomberg source(s).
The Sandbox is a platform built on the Ethereum blockchain that allows creators to buy, sell and trade digital assets in the metaverse or virtual world. Assets are bought and sold in the form of non-fungible tokens (NFTS) which can represent anything from a plot of land, to cars, art, etc.
The metaverse firm was originally a mobile game with the same name: The Sandbox. The 2012-released mobile game was called,“The Sandbox,” because of its creative nonlinear gameplay, also referred to as “sandbox mode.” in 2015 it was released for PC by Steam. In 2018, Animoca Brands, a Hong Kong-based game software company, acquired The Sandbox, using its name for their blockchain-based game concept.
In addition to the virtual land The Sandbox offers, it also bolsters three other unique features: 1) VoxEdit 2) Game Maker 3) Marketplace. First, users can create 3D art and NFTs for free. Voxels are 3D cubes that can be easily edited using VoxEdit to create anything from animals to vehicles and more. Second, the game maker allows anyone to create their own games for free. Lastly, users can use the marketplace to first upload their NFTs created on VoxEdit onto the blockchain, and then they have the ability to sell their NFTs there.
Some promotional partners that have virtual land in The Sandbox are Snoop Dogg, Richie Hawtin, Deadmau5 and The Smurfs.
The platform’s native token, SAND, was priced at $2.97 at the time of writing with a market capitalization of $3.4 billion, according to BitPush Terminal data. SAND is up 12.5% on the day.
Last November, The Sandbox, raised $93 million in a series B funding round led by Softbank.
Author: Tyler Irvin
Tags: Ethereum,SAND,The Sandbox
Link: The Sandbox Seeks to Raise $400M in Funds at $4B Valuation [Copy]
