Blockchain Gaming Platform The Sandbox Raises $93M in Round Led by SoftBank Vision Fund 2

Announcements, Blockchain, Investing, News | November 3, 2021 By:

Decentralized gaming virtual world The Sandbox has secured $93 million in its Series B fundraising round led by SoftBank Vision Fund 2, representing the fund’s first investment in crypto assets.

Other investors in the round included Animoca Brands, True Global Ventures, Liberty City Ventures, Galaxy Interactive, Kingsway Capital, Blue Pool Capital, LG Technology Ventures, Alpaca VC, Graticule Asset Management Asia, Com2uS, executives at GoldenTree Asset Management, Nokota, Sun Hung Kai & Co, Sound Ventures, Red Beard Ventures, SCB 10X, Polygon Studios, Samsung Next, Double Down Partners, StakeFish, SterlingVC, and HodlCo. Wedbush Securities acted as exclusive placement agent and financial advisor for The Sandbox, and Rubicon Law provided legal counsel to The Sandbox.

The Sandbox, a subsidiary of game developer Animoca Brands, is one of the decentralized virtual worlds that has been fueling the recent growth of virtual real-estate demand. The Sandbox has partnered with major IPs and brands including Atari, Rollercoaster Tycoon, Care Bears, The Smurfs, Shaun the Sheep, and Binance. Building on existing The Sandbox IP that has more than 40 million global installs on mobile, The Sandbox NFT Metaverse offers players and creators a decentralized and intuitive platform to create immersive 3D worlds and game experiences and to safely store, trade, and monetize creations through blockchain.

According to The Sandbox, the investment will enable their team to scale the platform’s growth as a prime entertainment destination where brands, IPs, and celebrities can engage with their fans through virtual experiences including games, live performances, and social experiences.

“This investment round led by Softbank Vision Fund 2 will help scale up our growth strategy, operations, and player acquisition in The Sandbox ecosystem while sending a clear statement that the world’s most innovative fund believes in Web3 and decentralization as the next major trend,” said Sebastien BORGET, COO and Co-Founder of The Sandbox. “Adding new strategic partners such as Liberty City Ventures and Galaxy Interactive will also benefit The Sandbox’s global reach and expand the network of brands, IPs, and gaming studios interested in entering an open metaverse focused on a player-owned economy and user-generated content.”

NFTs are changing the way we live, work, create, play, and earn in virtual worlds, empowering players and creating value—and new jobs—in the metaverse. In this era of new possibilities, The Sandbox is emerging as the main NFT-based, open metaverse, where the content, economy, and even governance will be in the hands of the players, creators, and users who contribute to this virtual world.

In The Sandbox, players will be able to use the play-to-earn model to monetize time spent in the metaverse. Play-to-earn creates a circular economy with supply and demand where the resources collected by one category of the players are sold and purchased by another category of player or creator, rewarding participants for their time.

“We believe The Sandbox is constructing an open metaverse, unlocking new economic opportunities by empowering people to build and monetize their creations, from avatars and buildings to games and collectibles,” said Aaron Wong, Investor at SoftBank Investment Advisers. “Leveraging blockchain technology and decentralized governance, the company is putting the power and control in the hands of its users, resulting in a thriving global community. We’re excited to partner with Arthur, Sebastien, and team as they continue to transform what it means to have true digital ownership.”