SoftBank's VC Fund Invests Big in NFT-Driven Virtual Metaverse 'The Sandbox'

The Sandbox has experienced remarkable growth this year, especially after Facebook's metaverse announcement.

SoftBank's VC Fund Invests Big in NFT-Driven Virtual Metaverse 'The Sandbox'

Photo Credit: True Global Ventures

The Sandbox is the first investment into crypto assets by SoftBank Vision Fund 2

Highlights
  • The platform's token, SAND, has a market cap of over $2 billion
  • The Sandbox is co-owned by blockchain gaming developer Animoca Brands
  • The Sandbox says will use new funds to develop its metaverse

Blockchain-based gaming platform The Sandbox has just raised more than $90 million (roughly Rs. 669 crore) in a funding round led by SoftBank Group. The Hong Kong-based platform is majority-owned by blockchain gaming developer Animoca Brands and allows users to create a virtual world driven by non-fungible tokens (NFT), where they can build, own, and monetise their virtual gaming experience on the Ethereum blockchain. This is also the first time SoftBank's venture capital fund has invested in a company that issues its own cryptocurrency. Other notable backers who joined the funding round include LG Technology Ventures, Samsung Next, and Liberty City Ventures.

The latest investment will help the firm expand the platform beyond the realms of gaming and widen its ecosystem — namely fashion, architecture, and virtual concerts, the company's co-founder and chief operating officer Sebastien Borget told Reuters in an interview.

The development comes at a time when Facebook and other tech giants are unveiling their ambitions to build a digital realm known as the "metaverse." Borget mentions this in his interview stating, "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."

The Sandbox is available on all popular platforms like iOS, Android, and Windows and allows players to monetise all in-game items, whether it's the virtual real estate they develop or the weapons they create for the character. These items can be traded on the platform's marketplace as NFTs.

Animoca Brands says The Sandbox has experienced remarkable growth this year with "over 500,000 registered wallets and 12,000 unique virtual LAND owners." According to CoinMarketCap, the platform's token, SAND, has a market capitalisation of $2.46 billion (roughly Rs. 18,309 crore).


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
Volkswagen CEO Tells Employees 'Revolution' Is Needed to Tackle Tesla, Chinese EV Makers
Redmi K50 Series Tipped to Include 108-Megapixel Main Camera, Snapdragon 8-Series SoC

Related Stories

Share on Facebook Tweet Snapchat Share Reddit Comment

Advertisement

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2021. All rights reserved.
cryptocurrency
Listen to the latest songs, only on JioSaavn.com