The Sandbox (SAND) Skyrockets 60% After a $93M Fundraising Round Led by SoftBank
The Sandbox is essentially a sandbox game for mobile phones as well as Microsoft Windows. Developed by game studio Pixowl, the platform was released in May 2012. Three years later, it was launched on Steam.
As NFTs and blockchain disruption in the gaming sector gained traction, the brand was acquired by Hong Kong-based blockchain game developer and investor in non-fungible tokens (NFTs) Animoca Brands in 2018.
Animoca had previously raised $2.5 million in funding for the development of The Sandbox in 2019. In Q3 of the same year, the project welcomed an investment worth more than $2.0 million in both cash and crypto from Square Enix, B Cryptos, and True Global Ventures.
The Sandbox’s Plans to Grow Its Open NFT Metaverse
The latest round of funding saw SoftBank Vision Fund 2 leading the troupes along with other investors such as Animoca Brands, True Global Ventures, Liberty City Ventures, Polygon Studios, Samsung Next, Galaxy Interactive.
The main objective behind the fundraising round is to support and aid the growth of The Sandbox’s NFT-powered entertainment metaverse.
According to Animoca Brands’ official press release, the investment will enable the team behind the project to accelerate its position as a one-stop shop and a “prime entertainment destination.”
In it, brands, IPs, and celebrities can come together and engage with their fans in a meaningful way with the help of virtual experiences, including games, live performances, and social engagements.
Scaling the growth strategy, operations, and player acquisition in The Sandbox ecosystem remains a key focus.
Impressive Growth & High-profile Clientele
Owing to the NFT hype and capital explosion in the sector, The Sandbox has managed to generate more than $144 million in GMV to date and handles well over 500k users on its platform.
The gaming project has formed several high-profile IP partnerships, including Snoop Dogg, The Walking Dead, The Smurfs, Care Bears, Atari, and CryptoKitties to roll out “voxelized versions of their worlds and characters in the metaverse.”
The Sandbox has also added new strategic partners such as Liberty City Ventures and Galaxy Interactive to benefit from the former’s geographic reach and expand the network of brands, IPs, and gaming studios interested in broadening its scope in an open metaverse.
SAND Skyrockets to a New ATH
Shortly after the news went live, the price of The Sandbox’s native cryptocurrency went on a tear. In a matter of hours, SAND added roughly 60% of value as it went from $2.1 to an intraday high of $3.3, which actually became the new all-time high.
As of now, the asset has retraced slightly as it trades below $3, but it’s still up by double-digits on a 24-hour scale.
