NFT expansion: The Sandbox raises $93 million

November 2, 2021

The Sandbox, one of blockchain’s most interesting NFT metaverse projects, has raised new capital in a funding round led by SoftBank Vision Fund 2 – seeing nearly $100 million come in from corporate investors across the tech space. The platform, an Animoca Brands subsidiary, held its Series B fundraising round and raised $93 million with the involvement of brands like the main group Animoca Brands, Galaxy Interactive, SCB 10X, True Global Ventures, Polygon Studios and Samsung Next.

With the latest investment, The Sandbox will be implementing systems and strategies to speed the growth of the metaverse platform. The platform will be including and upgrading games, live performances and social connection experiences. The Sandbox hopes to offer creators more support while involving more brands and intellectual ideas on the platform.

What is The Sandbox?

The Sandbox platform acts as a space for a digital ecosystem to grow and develop with blockchain as the base technology. On the platform, users can earn from their time invested and create resources that can be spent, sold and traded for other cryptocurrencies or funds. This creates a social and economic system that rewards users for engaging with the platforms and other users. Currently, The Sandbox has partnered with brands and influential names from The Walking Dead to the Care Bears, Snoop Dogg to The Smurfs. It allows users and brands to make use of the blockchain space to create digital versions of characters, worlds and avatars on the platform.

Where is The Sandbox headed?

According to The Sandbox CEO and co-founder Arthur Madrid, the team behind the platform plans to extend the offering of the platform to expand to include design, fashion, architecture, digital performances and museums. He noted:

We are developing an entire ecosystem that opens new digital job opportunities for players and creators in our open NFT metaverse.”

SoftBank Investment Advisor investor Aaron Wong commented on The opportunities of The Sandbox and how the decentralised platform offers much more than just a tech platform:

“We believe The Sandbox is constructing an open metaverse, unlocking new economic opportunities by empowering people to build and monetize their creations, from avatars and buildings to games and collectibles.”