Metaverse Startup The Sandbox Closes $93M Series B Led by SoftBank

The Sandbox metaverse counts 500,000 registered wallets, the startup said.

Nov 2, 2021 at 8:21 a.m. UTC
Updated Nov 3, 2021 at 2:44 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Metaverse startup The Sandbox said it closed a $93 million Series B funding round led by SoftBank.

  • The Sandbox is an Ethereum-based platform where players can “play, create, own, and govern a virtual world,” its site states.
  • Players can own in-game assets in the form of non-fungible tokens (NFTs), such as plots of land that they can build on.
  • The Sandbox token, SAND, has a $2.46 billion market cap, according to data from intelligence platform CoinMarketCap.
  • The startup’s majority stakeholder is Hong Kong-based gaming firm Animoca Brands, an early metaverse and GameFi backer that was valued at $2.2 billion after raising $65 million in October.
  • Other investors in the round include True Global Ventures, Liberty City Ventures, Galaxy Interactive, Kingsway Capital and Blue Pool Capital.
  • Singapore-based True Global Ventures contributed $10 million to the round through its blockchain-focused 4 Plus fund, according to a separate press release shared with CoinDesk.
  • The virtual world now has $144 million in gross merchandise value, 500,000 registered wallets, and 12,000 unique landowners, the press release said.
  • The Sandbox has set up partnerships with names like rapper Snoop Dogg, AMC TV series “The Walking Dead,” children’s cartoonsCare Bears” and “The Smurfs,” gaming brand Atari and non-fungible token (NFT) collection CryptoKitties.

UPDATE (Nov. 2, 10:00 UTC): Adds details about True Global Ventures investment.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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