The sandboxone Ethereum The metaverse game platform announced Wednesday that it is raising $20 million in convertible notes at a $1 billion valuation. This long-term project makes it the latest crypto “unicorn” based on a billion-dollar valuation.
The latest funding round was led by Kingsway Capital and Animoka Brands; Animoka, the well-known Metaverse investment firm, is the parent of the sandbox operating company Bacable Global Limited. LG Tech Ventures and True Global Ventures participated in the round.
“We are deeply honored by the continued commitment to The Sandbox's vision,” said Yat Siu, Animoca's founder and executive chairman, in a statement.
With the new funding, Sandbox's development team's key priorities include improving creative tools, adding new social and gameplay features, and developing a mobile version planned for 2025.
Sandbox is one of the most popular blockchain games, thanks to more than 400 celebrities and brands—including Snoop Dogg, Gucci, and Paris Hilton—and high demand for land slots that have already been sold in the game. NFTs. in fact, One person paid $450,000. In the year Crypto price for a plot of land near Snoop Dogg's metaverse mansion in 2021.
The game's SAND token on Ethereum ranks as one of the 100 most valuable cryptocurrencies in the world based on market capitalization, according to CoinGecko data. However, the NFT has land values. He fell heavily Since vice versa Leverage peaked in early 2022—from 3.9 ETH ($11,700) to 0.08 ETH ($300) today.
“Our mission at The Sandbox is to develop creative tools and technologies that bring equity and new opportunities to creators of all kinds,” Arthur Madrid, co-founder and CEO of The Sandbox, said in a release.
Editor's Note: This article was written with the help of AI. edited and fact-checked by Andrew Hayward.
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