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

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

By Eliza Gkritsi
AccessTimeIconNov 2, 2021 at 10:04 a.m. UTC
Updated May 11, 2023 at 4:00 p.m. UTC
An early metaverse game is raising big. (The Sandbox)
An early metaverse game is raising big. (The Sandbox)
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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 cartoons “Care Bears” and “The Smurfs,” gaming brand Atari and non-fungible token (NFT) collection CryptoKitties.
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    • Read more: Metaverse Backer Animoca Brands Raises $65M at $2.2B Valuation

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

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eliza Gkritsi
    Eliza Gkritsi

    Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

    Follow @egreechee on Twitter

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