The Sandbox Series B Round Raised $93M For Metaverse Growth

The Sandbox Series B funding round saw $93 million being raised with the participation of Animoca Brands, Galaxy Interactive, True Global Ventures, SCB 10x, Samsung Next and others as the metaverse continues to be the next attraction point of crypto investors as we are looking into it in today’s altcoin news today.

SoftBank Vision Fund 2 led the new funding round and marked the fund’s first investment into the crypto assets. The Sandbox Series B round saw crypto investors pouring money into it and raising fresh capital in the new funding round led by SoftBank Vision Fund 2. Marking the fund’s first investment into crypto, the Sandbox aims to speed up the growth of the open metaverse with live performance, games ad social experiences while supporting the creators and involving brands and intellectual properties as well.

The game enables players to monetize the time spent in the metaverse in different ways known as the play-to-earn model and creates a circular economy where the resources collected by the category of players are sold and purchased by another category of the player or creator as the announcement noted. As an NFT-based open metaverse, the Sandbox is best known for its partnerships with more than 165 brands like the one with Snoop Dogg, the Smurfs, The Walking Dead, CryptoKitties, and Care Bears, in order to create a voxelized version of the world and characters on the platform. Binance, Socios, The Winklevoss Twins, CoinMarketCap, and Bored Ape Yacht Club all purchased digital land in the metaverse of the Sandbox.

The Sandbox CEO and co-founder Arthur Madrid shared plans of expansion into fashion, virtual concerts and architecture, art galleries, and museums and said:

“We are developing an entire ecosystem that opens new digital job opportunities for players and creators in our open NFT metaverse.”

Aaron Wong, as an investor at SoftBank Investment Advisers explained that the Sandbox is leveraging a blockchain and decentralized governance to provide more control and power to the users:

“We believe The Sandbox is constructing an open metaverse, unlocking new economic opportunities by empowering people to build and monetize their creations, from avatars and buildings to games and collectibles.”

A month ago, we saw the Sandbox Parent company Animoca Brands being backed by gaming giants like Ubisoft Entertainment and also managed to raise up to $65 million in new funding round and then doubled its value to $2.2 billion.