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 led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. The new funding is intended to advance the company’s ambitious vision of a decentralized virtual world where culture and gaming intersect.
Promoting the Creator Economy
According to Animoca brandsthe capital infusion will be used to enhance The Sandbox’s platform, with a focus on improving creator capabilities. Major updates include improvements to the Game Maker and VoxEdit 3D editor tools, new social interactions and avatar capabilities, 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 major milestones, including more than 1,000 user-generated experiences and 5.7 million connected user accounts. The platform boasts more than 400 partnerships with high-profile brands such as Lionsgate, Hellboy, Magnificent Century and Warner Music. More than 100 branded experiences will be released over the course of 2024.
Yat Siu, co-founder and executive chairman of Animoca Brands, expressed excitement about the future of games with user-generated content, 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 step. evolution of UGC games, offering users digital ownership rights, a feature missing from popular titles like Minecraft and Roblox.
Expanding the ecosystem
The Sandbox aims to attract aspiring creators through a variety of initiatives, including educational efforts, bootcamps and game jams. Over the past year, more than 330,000 unique creators have downloaded the platform’s no-code Game Maker tool. The Sandbox also reported that more than 60,000 avatar NFTs have been sold, including those from 19 official brand collections such as Hellboy, Paris Hilton and Elvis Presley.
Global expansion and future plans
The Sandbox ecosystem has grown to more than 250 Trusted Partners, certified to help brands create metaverse experiences. The company plans to explore new markets in regions such as Vietnam, Saudi Arabia and Africa. Recent developments include enabling virtual property owners to publish LAND experiences, opening a marketplace on Polygon’s L2, and fostering a thriving economy with more than 11,000 unique digital assets sold more than half a million times were beaten and sold.
The vision of leadership
Arthur Madrid, CEO and co-founder of The Sandbox, emphasized the platform’s mission to develop creative tools that bring fairness and new opportunities to creators. Sebastien Borget, COO and co-founder, welcomed new strategic partners and emphasized the platform’s goal of making Web3 capabilities 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 creative economy.
Image source: Shutterstock
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