The Sandbox Gains $20M Funding at $1B Valuation to Boost Creator Economy
Crypto News- Animoca Brands and its subsidiary, Bacasable Global, the team behind the renowned metaverse platform The Sandbox, have successfully secured $20 million through convertible promissory notes, achieving a valuation of $1 billion.
Conversion Opportunity for Investors
This funding round, spearheaded by Kingsway Capital with participation from LG Tech Ventures and True Global Ventures, offers note holders the option to convert their investments into Bacasable Global’s equity under the same conditions as existing preference shares.
Significant Valuation Despite Past Plans
Interestingly, this billion-dollar valuation comes nearly two years after The Sandbox aimed to raise $400 million at a $4 billion valuation.
Expanding the Creator Economy
According to The Sandbox’s official announcement, the newly acquired funds will be directed towards expanding the creator economy and developing a decentralized mobile metaverse platform set to debut in 2025. Key initiatives include the introduction of new social features and avatar skills, as well as enhancements to the Game Maker and VoxEdit 3D editing tools. Additionally, the platform plans to launch a new multiplayer rules system in beta later in 2024, with a full release anticipated in 2025.
Continued Growth Amid Bearish Trends
Since the launch of The Sandbox’s Alpha version in November 2023, the platform has seen over 1,000 user-generated experiences and boasts 5.7 million user accounts linked to cryptocurrency wallets. Yat Siu, co-founder of Animoca Brands, highlighted that unlike popular games such as Minecraft and Roblox, which lack digital property rights for users, The Sandbox is pioneering the evolution of user-generated content (UGC) games in the digital ownership era.
Future Prospects Amid Market Challenges
Despite the hype surrounding the metaverse concept, which even led to Facebook’s rebranding to Meta, many major metaverse projects have struggled post-bull run. For instance, a Futurism report noted that Meta’s $1.2 billion metaverse project had just 38 daily users in 2022. However, The Sandbox has continued to thrive, adding over 330,000 unique creators who downloaded the platform’s no-code Game Maker tool in the past year.
The Metaverse Economy’s Potential
Investment management firm McKinsey & Company predicts that the metaverse economy could grow to $5 trillion by 2030, underscoring the significant potential for platforms like The Sandbox to shape the future of digital interaction and ownership.
The Sandbox FAQ
What is The Sandbox?
The Sandbox is a popular metaverse platform where users can create, explore virtual worlds, develop experiences, and games. Users can own and trade their digital assets using blockchain technology.
Which company developed The Sandbox?
The Sandbox was developed by Animoca Brands and its subsidiary Bacasable Global.
How do investors profit from The Sandbox?
Investors can buy convertible promissory notes issued by The Sandbox. These notes can be converted into Bacasable Global’s equity under the same terms as existing preference shares.
For the latest in crypto updates, keep tabs on Crypto Data Space.
Leave a comment