KEY POINTS
Metaverse platform The Sandbox has secured $20 million in convertible promissory notes, with a valuation cap of $1 billion.
Major investors in this round include Animoca Brands, which oversees Bacasable Global Limited, the operator of The Sandbox, alongside Kingsway Capital, LG Tech Ventures, and True Global Ventures.
Sebastien Borget, COO and co-founder of The Sandbox, stated, “We’re excited to welcome new strategic partners who support our vision to develop the most accessible and inclusive platform that makes available the opportunities of Web3 to a global mainstream audience.”
The Sandbox plans to use the funds to advance the integration of cultural elements with gaming and enhance features that encourage active community participation.
Specifically, The Sandbox plans to boost earning opportunities for creators, introduce new social interactions, and expand gameplay options with a new multiplayer rules system, which is set to launch in Beta later this year.
This latest round marks the sixth for The Sandbox, bringing its total funding to $117 million.
The Sandbox, established in 2012, has grown significantly with the rise of Web3 and the metaverse concept, becoming one of the most popular virtual reality platforms for users and brands.
The platform currently boasts more than five million registered users and over 200,000 active users each month.
According to a press release shared with Cryptoflies, over the past year, more than 300,000 unique creators have downloaded The Sandbox’s no-code Game Maker. Additionally, over 60,000 avatar non-fungible tokens (NFTs) from various collections, including those by Habbo Hotel and Paris Hilton, have been sold and used within the platform.
These developments are part of The Sandbox’s broader initiatives. Recently, the platform partnered with Upland to promote metaverse “interoperability,” aiming to connect creators and enhance user experience.
Moreover, The Sandbox introduced its DAO, giving community members the ability to influence the platform’s future through voting.
