Metaverse continues to be the next attraction for crypto investors: The Sandbox, a subsidiary of Animoca Brands and a non-fungible token (NFT) metaverse platform, is raising new capital in a funding round led by SoftBank Vision Fund 2.
Sandbox’s Series B round marked SoftBank’s Vision Fund 2’s first investment in cryptocurrencies, raising $ 93 million with participation from Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios and Samsung Next, among others.
According to the announcement, The Sandbox aims to accelerate the growth of the open meta-verse through games, live performances and social experiences by “supporting more creators and bringing in more brands and intellectual property.”
The game allows players to invest the time they spend in the metaverse in a number of ways, also known as the “play for profit” model. Creates a closed economy where resources collected by one class of players are sold and bought by another class of players or creators, the ad says.
As an NFT-based open metavers, The Sandbox is known for collaborating with over 165 brands including Snoop Dogg, The Walking Dead, The Smurfs, Care Bears, Atari and CryptoKitties “to create changing versions of their worlds and characters on the platform.”
Sandbox CEO and co-founder Arthur Madrid shared the team’s plans to grow fashion, architecture, concerts, virtual shows, art galleries and museums. “We are developing an entire ecosystem that opens up new digital business opportunities for players and creators in the open NFT meta-verse,” he added.
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Aaron Wong, investor in SoftBank Investment Advisors, explained that The Sandbox benefits from blockchain and decentralized management to give users power and control:
“We believe Sandbox paves the way for Metafire, opening up new financial opportunities so people can create and monetize their creativity, from avatars and buildings to toys and collectibles.”