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The Sandbox successfully raised $ 93 million, the SAND price breaking a record with a 57% increase

The Sandbox, a Hong Kong-based gaming platform that enables users to build a virtual world using NFT, has raised $ 93 million from investors led by SoftBanks Vision Fund 2.

The latest round of funding comes more than a year after the previous round as the company saw rapid growth in monthly active users and trading volume on the platform of over $ 144 million. It’s also the Vision Fund 2’s first investment in a company that issues its own cryptocurrency.

The sandbox, majority owned by blockchain game developer Animoca Brands, enables players to create, own and monetize virtual game experiences on the Ethereum blockchain.

It gives property to creators in the form of NFTs and provides tools for creating content on the platform.

The platform has announced partnerships with brands and celebrities, including rapper Snoop Dogg, who will create a digital replica of his mansion in the sandbox metaverse.

The company declined to disclose its post-round valuation, but the SAND native token currently has a market cap of $ 2.3 billion and ranks 64th on Coinmarketcap. The company claims it currently owns around 22% of the tokens.

The price of SAND rose more than 200% after Facebook announced its name change to Meta Platforms Inc last week, which has increased investor interest in companies developing metaverse gaming experiences. Following news of SoftBank’s capital injection, the token price jumped to a new ATH of $ 3.27 and is up 57% over the day.

Source: TradingView

CEO and co-founder Sebastien Borget said the investment will help boost the sandbox developers economy as it expands from games to fashion, architecture and events.

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Annie

According to Reuters

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.