Animoca’s Blockchain Gaming Unit Raises $ 93 Million From SoftBank Amid Race To Build Metaverse

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The sandbox, a Hong Kong-based blockchain gaming platform owned by Animoca brands, raised more than $ 90 million in a funding round led by SoftBank Group. The investment in the platform, which allows players to create a virtual world and trade non-fungible tokens (NFTs) in-game, comes as Facebook and other tech giants unveil their ambitions to create a digital domain known as the “metaverse”.

The $ 93 million round of funding marks the first-ever crypto-related investment made by SoftBank’s Vision Fund 2, Sandbox announced on Tuesday. Other backers who have joined the cycle include LG Technology Ventures, Samsung Next, Liberty City Ventures and others.

Similar to the Minecraft video game, Sandbox allows players to create a virtual world, from creating their own avatars to purchasing digital plots of land. Sandbox players can monetize any item in the game, whether it’s the virtual real estate they’ve developed or the weapons they’ve created for the character. These items can be traded on the platform’s marketplace as NFTs, which are digital assets stored on a blockchain that determines the ownership of items.

Sandbox said the raised capital will allow the company to step up its growth as a digital entertainment destination where brands and celebrities can interact with their fans virtually. The blockchain gaming platform has so far amassed 12,000 digital landowners, according to its statement. Among the “owners” of the virtual world are American rapper Snoop Dogg, video game maker Atari, crypto exchange Binance, and billionaire twins Winklevoss. The company said it generated a gross value of goods of more than $ 144 million as of November 2.

“This investment will help fuel the growth of the economy of the creators of The Sandbox as we expand beyond gaming into fashion, architecture, virtual concerts and shows, art galleries, museums, etc. “, Said Arthur Madrid, CEO and co-founder of Sandbox, in a statement. declaration. “We are developing a whole ecosystem that opens up new digital employment opportunities for gamers and creators in our open NFT metaverse.”

MORE FORBESHong Kong Blockchain Game Maker Animoca Hits $ 2.2 Billion Valuation Amid NFT Mania

Sandbox’s latest round of funding came as global tech giants step up efforts to build the metaverse. The term futuristic refers to a digital universe that combines the aspect of gaming, social media, cryptocurrencies, augmented and virtual reality where users can interact virtually. Last week, Facebook changed its name to Meta as part of an effort to shift the focus of the business from running its social media platform to building the metaverse. Meanwhile, Microsoft has unveiled its enterprise version of the Metaverse with video chat software that features digital avatars, according to a Bloomberg report.


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