Hong Kong-based The Sandbox, which set out with the goal of developing an NFT-based metaverse, announced that it has raised $ 93 million in a series B funding round.
The new funding round was led by SoftBank Vision Fund 2, marking it as its first investment in a company that issues its own cryptocurrency. Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios and Samsung Next also participated in the round.
The new $93 million funding will be used to grow and develop The Sandbox’s NFT metaverse. Metaverse is expected to grow rapidly with a variety of games, live performances and social experiences. The umbrella company of The Sandbox is Animoca Brands, which develops blockchain-based games. Animoca Brands raised $65 million last October, at a $2.2 billion valuation.
Founded in 2011, The Sandbox allows its users to build, own, and monetize their virtual gaming experiences on the Ethereum blockchain. . The market cap of The Sandbox’s cryptocurrency is about $2 billion.
“We are creating this open metaverse. We are positioning the Sandbox against those giant tech companies who are claiming the metaverse to be theirs, offering an alternative where users are first,” said Sebastien Borget, chief operating officer and co-founder of The Sandbox.