Metaverse interface In an effort to improve its user-generated multiplayer game platform, The Sandbox has secured $20 million at a $1 billion valuation. According to a news announcement, True Global Ventures and LG Tech Ventures contributed to the capital round, which was led by Kingsway Capital and Animoca Brands. By 2022, The Sandbox was valued at $4 billion, and they wanted to fund $400 million.
The announcement of the fundraising round caused the Sandbox’s native token, SAND, to rise 4.5%, bringing its market value to $1.1 billion..
A part of the funds will go towards creating a decentralised mobile metaverse, which should be operational by 2025. The Game Maker and 3D editor tools in the Sandbox will also receive updates. Co-founder of Animoca Brands Yat Siu stated, “McKinsey estimated that the metaverse could add $5 trillion to the global economy by 2030.”
Even though some of the most played games on the planet right now are Roblox and Minecraft, their users are not granted digital property rights. In the era of digital ownership, the Sandbox is an example of how user-generated content has evolved.
Since the Alpha version of the Sandbox went live in November 2023, over 1,000 user-generated experiences have been developed, and the platform boasts 5.7 million user accounts linked to cryptocurrency wallets.