Animoca's Sandbox has raised US$20m worth of funding. Image: Getty.
Animoca Brands’ subsidiary The Sandbox has raised US$20m
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- The Sandbox – a prominent gaming metaverse platform and Animoca Brands’ subsidiary – raises $20m
- The funding was led by prominent investors Kingsway Capital and Animoca Brands
- The capital will help advance The Sandbox vision of a ‘decentralised virtual world’
Special Report: Animoca Brands subsidiary The Sandbox raises a whopping US$20 million in funding to advance its vision of a decentralised virtual world.
Web3 powerhouse Animoca Brands is no stranger to raking in the big funding bucks. And neither, for that matter, is one of its flagship subsidiaries – The Sandbox.
The latter (actually Bacasable Global Limited, which is the operator of The Sandbox) has just raised an impressive sum – US$20 million in convertible promissory notes with a US$1 billion valuation cap.
Animoca Brands is a Fortune Crypto 40 company, and one of the most recognisable, successful and wide-reaching firms in blockchain, particularly in the Web3 gaming and metaverse sectors.
The raise
The strategic funding round was led by Kingsway Capital and Animoca Brands with participation by LG Tech Ventures and True Global Ventures.
Noteholders have the ability to convert into equity in Bacasable Global Limited at the same terms as existing preference shares.
Animoca Brands notes that the new funding will be used to continue advancing The Sandbox’s vision of a decentralised virtual world “where culture meets gaming” and where the community is able to participate actively in, and derive benefit from, the growth of the whole ecosystem.
Yat Siu, co-founder and executive chairman of Animoca Brands, said:
“We are deeply honoured by the continuing commitment to the vision of The Sandbox, and we’re incredibly excited about the future of composable user-generated content games.
Siu also referenced games such as Minecraft and Roblox, but noted that “they do not provide their users with digital property rights. The Sandbox represents the evolution of UGC games for the age of digital ownership.”
McKinsey has reportedly estimated that by 2030 the metaverse could add $5 trillion to the global economy.
Moving towards a ‘user generated content’ future
As Siu noted, The Sandbox is a “user-generated content” metaverse platform.
That means it offers opportunities for creators on its platform, including through Game Maker and VoxEdit 3D editor tools, which this round of funding will help to upgrade.
The capital injection will also go towards developing new social interaction functions and abilities for avatars, plus a new multiplayer rules system and, crucially, a mobile device version of the metaverse.
The Sandbox opened to the public in its Alpha version in November 2023, and recently celebrated the milestone of 1,000 user-generated experiences live-published on its virtual map, with over 5.7 million users accounts connected to crypto wallets.
This article was developed in collaboration with Animoca Brands, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
