“The pivotal point came in March 2020, when we witnessed US$450,000 worth of virtual LAND NFTs being sold within four hours. “The Sandbox’s strategy is to bring in the top brands and creators with whom people would love to associate themselves,” said True Global Ventures (TGV), a Singapore-based venture capital firm, which invested US$10 million via its TGV 4 Plus Fund, in a statement. The Sandbox is a subsidiary of Hong Kong-based blockchain gaming and NFT unicorn Animoca Brands. Other investors in the round included Animoca Brands, True Global Ventures, Liberty City Ventures, Galaxy Interactive as well as Hong Kong-based alternative investment firm Sun Hung Kai & Co. “Adding new strategic partners such as Liberty City Ventures and Galaxy Interactive will also benefit The Sandbox’s global reach and expand the network of brands, IPs, and gaming studios interested in entering an open metaverse focused on a player-owned economy and user-generated content.”īorget told Forkast.News in an interview that The Sandbox intends to use the fresh capital to hire more engineering talent to scale its platform, bring on more IP, brands and celebrities, expand its marketing to a global and mainstream audience as well as cover infrastructure costs. “This investment round led by SoftBank Vision Fund 2 will help scale up our growth strategy, operations, and player acquisition in The Sandbox ecosystem while sending a clear statement that the world’s most innovative fund believes in Web3 and decentralization as the next major trend,” said Sebastien Borget, COO and co-founder of The Sandbox, in a statement. The Sandbox, a platform built on the Ethereum blockchain that allows users to interact in a virtual world using non-fungible tokens (NFTs), today announced that it had completed a US$93 million Series B investment round led by SoftBank Vision Fund 2 - the fund’s first investment in crypto assets. SAND surged to an all-time high of US$3.33 today and was trading at US$2.73 as of publishing time, up over 7,500% since the start of 2021, according to CoinGecko data. Prices of metaverse tokens such as Decentraland’s MANA and The Sandbox’s SAND surged following Facebook’s Meta rebranding. 29 following social media giant Facebook’s announcement that it was rebranding to “Meta” as it builds out its vision of an “embodied Internet” with immersive spaces and experiences where people can digitally connect. Google searches for the word “metaverse” soared on Oct.
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