Ethereum
Ethereum game ‘The Sandbox’ valued at $1 billion thanks to new funding
The sandboxA Ethereum gaming platform Metaverse, announced Wednesday that it had raised $20 million in convertible promissory notes at a valuation of $1 billion. This makes the long-running project the latest crypto “unicorn,” based on a billion-dollar valuation.
The latest funding round was led by Kingsway Capital and Animoca Brands; Animoca, a major metaverse investment company, is also the parent company of The Sandbox’s operating company, Bacasable Global Limited. LG Tech Ventures and True Global Ventures also participated in the round.
“We are deeply honored by the continued commitment to The Sandbox’s vision, and we are incredibly excited about the future of user-generated composable content games,” said Yat Siu, co-founder and executive chairman of Animoca, in a press release.
With the new funding, The Sandbox development team said its top priorities include improving creation tools, adding new social and gaming features, and developing a mobile version planned for 2025.
The Sandbox is one of the most prominent blockchain games, thanks to partnerships with more than 400 celebrities and brands, including Snoop Dogg, Gucci and Paris Hilton, and previously immense demand for in-game lands sold through NFT. Actually, someone paid $450,000 crypto value for land near Snoop Dogg’s metaverse mansion in 2021.
The game’s SAND token on Ethereum remains one of the world’s 100 most valuable cryptocurrencies based on market capitalization, according to data from CoinGecko. However, the price of its NFT land has fell suddenly Since metaverse The hype peaked in early 2022, going from 3.9 ETH ($11,700) to 0.08 ETH ($300) today.
“Our mission at The Sandbox is to develop creative tools and technologies that bring equity and new opportunities to all types of creators in the open metaverse,” said Arthur Madrid, co-founder and CEO of The Sandbox , in a press release.
Editor’s note: This article was written with the help of AI. Edited and verified by Andrew Hayward.