According to Bloomberg, The Sandbox, the world’s second-largest metaverse player, is trying to raise $400 million at a $4 billion valuation.
Sources close to the media house stated that The Sandbox, a platform that allows users to exchange and monetise virtual assets on the Ethereum blockchain, was considering seeking new funding at a valuation of more than $4 billion.
Although detailed specifics are few at the moment, Bloomberg sources claim that the newest fundraising will include both new and existing investors. Sandbox, which is majority-owned by blockchain gaming company Animoca Brands Corp., has been in talks with potential investors for the investment round, according to reports. Furthermore, the media house stated that the level of the rise is subject to market movements and investor demand and that it might be modified accordingly.
Following the $93 million arrangement, a new fundraising deal would be made. In November, SoftBank Vision Fund 2 led a Series B round of funding for the metaverse player. The investment was the fund’s first into crypto assets, and it was intended to aid in the development of The Sandbox’s open metaverse.
The Sandbox acclaims up the ladder
In 2018, Animoca Brands, a Hong Kong-based gaming company, purchased The Sandbox and turned it into a multi-billion dollar project that is now deeply established in the metaverse and NFTs spaces.
The metaverse player grew to prominence thanks to its two name-brand mobile games, which have accumulated a total of 40 million downloads. It joined the blockchain space in 2018 by offering user-generated content and a marketplace where users could upload, publish, and sell non-fungible tokens. With its own cryptocurrency, SAND, the company has expanded into virtual land sales, fashion, and concerts.
In perspective, Adidas AG, retailer Carrefour SA, and Warner Music Group Corp., which wants to hold live concerts on the platform, are among the companies that have recently purchased virtual plots in the metaverse. For his song “House I Built,” Snoop Dogg debuted his first metaverse-filmed music video, which showed his digital double dancing. In addition, top multinational organizations, including HSBC Bank and Samsung, have recently expressed interest in the initiative by purchasing virtual pieces of property in its metaverse.