The Sandbox Looks to Raise $400M at $4B Valuation: Report

The metaverse platform is in talks with new and existing investors.

AccessTimeIconApr 19, 2022 at 10:40 a.m. UTC
Updated Apr 19, 2022 at 1:55 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

Metaverse firm The Sandbox is looking to raise $400 million at a valuation of more than $4 billion, according to a Bloomberg report on Tuesday.

  • The platform is in talks with new and existing investors, the report said, citing people familiar with the matter.
  • The Sandbox is a platform built on the Ethereum blockchain that allows users to buy, sell, trade and own digital assets in a virtual world. Assets are bought and sold in the form of non-fungible tokens (NFTs) and can represent plots of land, cars, art and other property.
  • Among its recent users was global bank HSBC, which last month bought a plot of land in The Sandbox. The bank planned to develop that virtual parcel of land to engage with sports, e-sports and gaming fans on the platform.
  • SAND, the platform's native token, was priced at $2.82 at the time of writing and boasts a market capitalization of $3.27 billion, according to data by CoinMarketCap.
  • Last November, The Sandbox, which is majority-owned by blockchain gaming firm Animoca Brands, raised $93 million in a Series B funding round that was led by SoftBank.
  • The platform didn't immediately respond to a request for comment.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC