2024-06-11
On June 6, 2024, Animoca Brands announced that the Sandbox, a metaverse and Web3 gaming firm, has successfully raised $20 million in convertible debt (convertible promissory notes) at a $1 billion valuation.
This funding round led by
Kingsway Capital and Animoca Brands, with participation by LG Tech Ventures and
True Global Ventures.
Noteholders have the
ability to convert into equity of Bacasable Global Limited at the same terms as
existing preference shares.
The raised fund will be
used for enhancing The Sandbox’s features, including new social features,
avatar skills, and improvements to its Game Maker and VoxEdit 3D editing
tools4.
The Sandbox aims to
develop a decentralized metaverse for mobile devices, with a beta release of
its multiplayer rules system expected later in 2024 and a full rollout
anticipated in 2025.
Despite challenges in the
metaverse industry, The Sandbox has been gaining traction with both creators
and investors, amassing over 5.7 million user accounts connected to
cryptocurrency wallets.
In the past 12 months,
over 330,000 unique creators have downloaded The Sandbox’s no-code Game Maker,
and The Sandbox is now ramping up its efforts to attract first-time creators
through bootcamps, and game jams.
To date, over 60,000
avatar NFTs have been sold and used to play in the virtual world of The
Sandbox, including NFTs from 19 official branded collections such as Hellboy,
Magnificent Century, Rabbids, MadBalls, Extraordinary Attorney Woo, Paris
Hilton, Captain Tsubasa, Maradona, Elvis Presley, Cut The Rope, Habbo Hotel,
Agoria, and others.
As of June 11, 2024, the
company’s native token, SAND, has a fully diluted market cap of $1.215 billion.
Animoca Brands is the
company that developed the Sandbox. It aims to make the Sandbox a leading
user-generated content (UGC) metaverse platform.
