The Sandbox Raises $93 Million in Funding Led by Softbank as Metaverse Tokens Soar

The Sandbox, a blockchain-based metaverse game, has received a $93 million investment to continue extending its metaverse concept. Softbank’s Vision Fund 2, an investment vehicle focused on early-stage technology startups, led the fundraising round. Animoca Brands, True Global Ventures, Liberty City Ventures, and Galaxy Interactive were other investors in the round.

This round of funding will help the game continue to grow its audience. Sebastien Borget, The Sandbox’s COO and co-founder, said:

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.

The Sandbox, owned by Animoca Brands, has grown rapidly since its inception, with over 500K players now holding an in-game wallet. They may own virtual parcels of land and monetise their interactions. The game also allows for digital alter egos of celebrities like Snoop Dogg. Other IPs such as The Walking Dead, Smurfs, and Care Bears have also made plans to be virtual.

Metaverse Tokens Are Increasing in Value

While virtual worlds and the metaverse are not new notions, they have lately gained traction owing to Facebook’s move to fuel its own version of the metaverse. This has boosted interest in and prices for metaverse-related tokens like sand, The Sandbox’s native token, and mana, the token of another metaverse-based project called Decentraland.

On October 28, Facebook changed its name to “Meta”. Mana was 0.77$ and sand was 0.81$ on that day. Following the news, both mana and sand prices soared, with mana hitting $3 and sand reaching $2.83.