The Sandbox, a blockchain-based gaming platform, recently secured over $90 million (approximately Rs. 669 crores) in financing headed by SoftBank Group. The Hong Kong-based platform, which is majority-owned by blockchain gaming company Animoca Brands, allows users to design, control, and monetize their virtual game experience on the Ethereum blockchain using non-fungible tokens (NFT). SoftBank’s venture capital fund has also made its first investment in a startup that issues its own coin.
LG Technology Ventures, Samsung Next, and Liberty City Ventures are among the major investors who contributed to the investment round.
According to Sebastien Borget, the business’s co-founder and chief operating officer, the current investment will help the company expand beyond gaming and broaden its ecosystem, which includes fashion, architecture, and virtual concerts.
The news comes at a time when Facebook and other internet firms are announcing their plans to create a digital environment dubbed the “metaverse.”
In his interview, Borget emphasizes this, saying, “This open metaverse is being built by us. We’re pitching the Sandbox as an alternative to the huge tech giants claiming ownership of the metaverse, providing a space where users come first.”
The Sandbox is accessible on all popular platforms, including iOS, Android, and Windows, and allows players to profit from any in-game objects, including virtual real estate and character weaponry. NFTs may be used to exchange these things on the platform’s marketplace.
The Sandbox, according to Animoca Brands, has seen “over 500,000 registered wallets and 12,000 individual virtual LAND owners” this year. The platform’s cryptocurrency, SAND, has a market capitalization of $2.46 billion, according to CoinMarketCap (roughly Rs. 18,309 crores).