The Sandbox (SAND) Secures $20 Million in Funding at $1 Billion Valuation to Boost Metaverse Creator Economy
Darius Baruo Jun 07, 2024 01:45
The Sandbox (SAND) raises $20 million to expand its creator economy in the open metaverse.
The Sandbox (SAND) Raises $20 Million in Strategic Funding
The Sandbox, a leading user-generated content (UGC) metaverse platform operated by Bacasable Global Limited, has successfully raised $20 million through convertible promissory notes with a valuation cap of $1 billion. This funding round was spearheaded by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. The new funding aims to further the company’s ambitious vision of a decentralized virtual world where culture and gaming intersect.
Advancing the Creator Economy
According to Animoca Brands, the capital injection will be utilized to enhance The Sandbox’s platform, focusing on improving creator opportunities. Key updates include enhancements to the Game Maker and VoxEdit 3D editor tools, new social interactions and abilities for avatars, and expanded multiplayer gameplay options. Additionally, a mobile version of the decentralized metaverse is expected to launch in 2025.
Milestones and Partnerships
The Sandbox, which launched its Alpha version in November 2023, has surpassed significant milestones, including over 1,000 user-generated experiences and 5.7 million connected user accounts. The platform boasts over 400 partnerships with high-profile brands such as Lionsgate, Hellboy, Magnificent Century, and Warner Music. Over 100 brand-related experiences are slated for release throughout 2024.
Yat Siu, co-founder and executive chairman of Animoca Brands, expressed excitement about the future of user-generated content games, citing McKinsey's projection that the metaverse could add $5 trillion to the global economy by 2030. He emphasized that The Sandbox represents the next evolution of UGC games, offering digital property rights to users, a feature absent in popular titles like Minecraft and Roblox.
Expanding the Ecosystem
The Sandbox aims to attract first-time creators through various initiatives, including education efforts, bootcamps, and game jams. In the past year, over 330,000 unique creators have downloaded the platform's no-code Game Maker tool. The Sandbox also reported that over 60,000 avatar NFTs have been sold, including those from 19 official branded collections such as Hellboy, Paris Hilton, and Elvis Presley.
Global Expansion and Future Plans
The Sandbox ecosystem has grown to include over 250 Trusted Partners, certified to assist brands in creating metaverse experiences. The company plans to explore new markets in regions like Vietnam, Saudi Arabia, and Africa. Recent developments include enabling virtual real estate owners to publish LAND experiences, opening a Marketplace on Polygon’s L2, and fostering a thriving economy with over 11,000 unique digital assets minted and sold over half a million times.
Leadership’s Vision
Arthur Madrid, CEO and co-founder of The Sandbox, highlighted the platform's mission to develop creative tools that bring fairness and new opportunities for creators. Sebastien Borget, COO and co-founder, welcomed new strategic partners and emphasized the platform's goal to make Web3 opportunities accessible to a global audience.
Anshul Agarwa, managing director at LG Technology Ventures, praised The Sandbox’s unique approach to Web3 and gaming, noting its potential to unlock transformative opportunities for the global creator economy.
Image source: Shutterstock