The Sandbox, a user-generated content metaverse platform, has recently secured $20 million in convertible debt at a market valuation of $1 billion. This funding was led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. The Sandbox, which is a division of Animoca Brands, aims to advance digital property rights for the open metaverse.
The Sandbox is confident in its vision and has a strong team of 300 people spread across various locations, including Paris, Germany, Los Angeles, and Asia. The company has sufficient capital to run for five years or more, but its goal is to grow faster. To achieve this, The Sandbox is continuously adding new features and has been releasing updates on a quarterly basis.
The Sandbox aims to create a decentralized virtual world where culture meets gaming. It wants to empower the community and allow them to actively participate in the growth of the whole ecosystem. Similar to Roblox, The Sandbox allows users to create their own experiences on virtual land and monetize them.
The company sees itself as one of the leading applications onboarding new users to Web3. It has over 400 partnerships with global brands and plans to launch over one hundred experiences featuring these brands throughout 2024. The Sandbox also provides creative tools and technologies that bring fairness and new opportunities for all types of creators in the open metaverse.
The Sandbox has already achieved significant milestones, including the publication of 1,000 user-generated experiences on its virtual map and over 5.7 million user accounts connected to crypto wallets. It has more than five million registered users and has sold over 60,000 avatar NFTs.
To further enhance its platform, The Sandbox is developing a version of its metaverse for mobile devices. This will make it more accessible to a global mainstream audience and allow for even more inclusivity.
The Sandbox’s strategic partnerships, such as the one with LG, help in building out the metaverse and expanding its reach across different territories. The company is also focused on attracting first-time creators through education efforts, bootcamps, and game jams.
Overall, The Sandbox is at the forefront of the metaverse revolution. With its innovative platform and strong partnerships, it is well-positioned to shape the future of gaming and entertainment in the digital world.