Sandbox is Hong Kong-based NFT gaming platform that allows users to build a virtual world and users can earn currency by playing the game, the platform has raised $ 93 million (approximately Rs. 695 crores) from investors led by SoftBank's Vision Fund 2.
The latest fundraiser came just over a year after the last round, as the company saw rapid growth in active users every month and exceeded $ 144 million (approximately Rs. 1,088 crores) in transaction volume on the platform. It also marks the first investment of Vision Fund 2 in the company that issues its own cryptocurrency.
Sandbox, mostly owned by blockchain game developer, Animoca Brands, allows players to build, own, and monetize their game-based experience in the Ethereum blockchain. It gives creators ownership like NFT and provides asset creation tools on the platform.
The price of Ethereum in India stands at Rs. 3.4 lakh from 10:30 am IST on November 2nd. He has announced partnerships with brands and celebrities, including rapper Snoop Dogg, who will create a digital image of his mansion in Sandbox's metaverse.
The company declined to disclose its estimates, but the cryptocurrency that returns it, the Sandbox coin, has a market capitalization of about $ 2 billion (approximately Rs. 14,960 crores). The company said it currently owns about 22 percent of the tokens.
Coin prices jumped 200 percent after Facebook announced it would change its name to Meta Platforms last week, boosting investors' interest in companies that build metaverse gaming experiences.
Metaverse refers to the idea of a virtual arena that people can access through a variety of devices and where they can travel in digital environments. This investment will help boost the economic growth of Sandbox creators as it grows from sports to fashion,
architecture and visual concerts, Sebastien Borget, chief operating officer and founder also told Reuters in an interview.
"We are creating this open metaverse. We are setting up the Sandbox against those big technology companies that claim metaverse as their own, providing an alternative to where users start," Borget said.
During the rapid growth of the NFT market, SoftBank has led a series of investments in NFT-related companies this year. Its latest investments include the first NFT sports Candy Digital and Sorare NFT football match.
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