The Sandbox Raises $20M to Boost Metaverse Expansion, Despite Slow Sector Growth
Summary:
Animoca Brands subsidiary, Bacasable Global Limited, has successfully raised $20 million via convertible promissory notes for its metaverse platform, The Sandbox. The funding round was spearheaded by Kingsway Capital, with participation from LG Tech Ventures and True Global Ventures. Proceeds will support further development of the platform, including enhancements to social and avatar features, as well as the advanced Game Maker and VoxEdit 3D editing tools. Since its alpha launch in 2023, The Sandbox has grown significantly, boasting over a thousand user experiences and 5.7 million user accounts linked to crypto wallets. Despite slow growth in the metaverse sector, The Sandbox has seen the addition of 330,000 unique creators within the past year.
Bacasable Global Limited, a subsidiary of Animoca Brands and operator of The Sandbox, a highly praised metaverse platform, has successfully raised $20 million through the issuance of convertible promissory notes, at the notable valuation of $1 billion. Kingsway Capital commanded the funding round, seeing participation from LG Tech Ventures and True Global Ventures, allowing investors to turn their notes into equity with conditions equivalent to current preference shares.
In a span of about two years after projecting a goal of raising $400 million, valued at $4 billion, The Sandbox has realized their funding rounds, hitting the billion-dollar mark. The Sandbox, through an official statement, revealed that the most recent funds raised will contribute towards expanding the creator economy and rolling out its decentralized mobile metaverse platform, slated for a 2025 launch. Various key enhancements expected include amplifying social features, adding to avatar capabilities, bettering their existing Game Maker and VoxEdit 3D editing instruments. Furthermore, the metaverse platform will empower players by incorporating a new multiplayer ruling system proposed for beta release later this year and general release by 2025.
Despite showing signs of progress slowdown from the bearish sentiment, since the alpha launch in November 2023, over a thousand unique user experiences have been created within the Sandbox, amassing up to 5.7 million user accounts linked to crypto wallets.
Animoca Brands Co-Founder, Yat Siu, emphasized how edge-cutting games like Minecraft and Roblox, while enjoyed by millions daily, do not offer their users property rights over digital assets. He stated that in this digital era, The Sandbox stands as next-step evolution representing User Generated Content (UGC) games.
As per projections by investment management company McKinsey, the metaverse economy could skyrocket to $5 trillion by 2030. Notwithstanding early public interest and Meta's fully rebranded venture into the metaverse that didn't quite pick up as expected post-bull market, with reports showing a mere 38 daily users for Meta's $1.2 billion metaverse venture in 2022, The Sandbox has seen significant growth.The platform witnessed more than 330,000 unique creators, including users of Sandbox's un-coded Game Maker, in the previous year.
Published At
6/7/2024 1:13:24 PM
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