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

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

Apr 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.
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Jamie Crawley is a CoinDesk news reporter based in London.

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Jamie Crawley is a CoinDesk news reporter based in London.

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