Amid a challenging period for major metaverse projects following the 2022-23 bear market, The Sandbox has announced the addition of over 330,000 unique creators.
Animoca Brands and its subsidiary, Bacasable Global Limited, which runs The Sandbox metaverse platform, have raised $20 million through convertible promissory notes, valuing the company at $1 billion.
Investors Can Convert Notes to Equity
The funding round, led by Kingsway Capital with participation from LG Tech Ventures and True Global Ventures, allows noteholders to convert their notes into Bacasable Global Limited’s equity on the same terms as existing preference shares.
This new funding round at a $1 billion valuation follows The Sandbox’s earlier plans nearly two years ago to raise $400 million at a $4 billion valuation.
In its official announcement, The Sandbox stated that the funds would be used to expand the creator economy and develop its decentralized mobile metaverse platform, which is expected to launch in 2025.
Key initiatives include adding new social features, enhancing avatar capabilities, and upgrading the Game Maker and VoxEdit 3D editing tools. Additionally, The Sandbox plans to improve gameplay options with a new multiplayer rules system, set to enter beta later this year and be fully released in 2025.
Sandbox Shows Significant Growth Despite Market Challenges
Since launching its Alpha version in November 2023, The Sandbox has seen over 1,000 user-generated experiences created. The platform now boasts 5.7 million user accounts connected to cryptocurrency wallets.
Summary Review: The Sandbox’s successful $20 million funding round at a $1 billion valuation underscores its potential and resilience in the evolving metaverse landscape. By focusing on expanding the creator economy and enhancing its platform with new social features, improved tools, and a decentralized mobile metaverse, The Sandbox is positioning itself for continued growth and innovation. Despite the broader market challenges, the platform’s significant user engagement and ambitious development plans indicate a promising future for both creators and users in the metaverse space.
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