KEY POINTS

  • The Sandbox hosted a new funding round, marking SoftBank's crypto entry 
  • The firm seeks to expand its metaverse after striking multiple partnerships 
  • Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios, Samsung Next joined the round

The Sandbox raised around $93 million in a funding round led by SoftBank Vision Fund 2, showing an increased interest in the NFT metaverse gaming sector. 

In its first crypto investment, Softbank was joined by The Sandbox parent Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios, Samsung Next and several others. 

According to the tweet by the official account of The Sandbox, “This investment round will help us scale up our growth strategy, operations, and player acquisition in @TheSandboxGame ecosystem while sending a clear statement that the world’s most innovative fund believes in Web3 and decentralization as the next major trend.”

The Sandbox game is a play-to-earn game built on a blockchain that allows users to monetize the time they spend on the platform playing the game. The platform aims to expand The Sandbox globally with the introduction of Liberty City Ventures and Galaxy Interactive as strategic partners. 

In another tweet, The Sandbox mentioned that the “creation tools in Beta already count 30,000+ active users each month.” Furthermore, the ‘Lands’, the virtual real estate in The Sandbox metaverse, have already crossed $2 billion. 

All these events pumped the price of the SAND token in the past few weeks, as the token ended the monthly candle for October at $1.5709, rising by more than 130%. SAND token rose about 35% on the first day of November. 

According to a tweet by The Sandbox Twitter, celebrities “including Snoop Dogg, The Walking Dead, Smurfs, Deadmau5, Care Bears, etc. also own LAND in The Sandbox and will contribute to creating a diverse, multi-cultural place that will make you want to come back into and further explore.”

Furthermore, the holders of popular NFTs can play and give to their NFTs in The Sandbox metaverse, adding extra utility to these tokens. The bullish trajectory followed by The Sandbox token resulted from all these events, indicating an even brighter future.

NFT DeFi, short for Decentralized Finance, promises to bring about a fully decentralized financial system. Photo: Sergei Tokmakov Terms.Law / Pixabay