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The Sandbox raises $20 million in funding with a $1 billion valuation cap
The sandboxa platform focused on user-generated content in the metaverse, raised $20 million through a convertible debt offering.
This funding round, valuing the company at $1 billion, was co-led by Kingsway Capital and Animoca Brands, with the participation of LG Tech Ventures and True Global Ventures. The convertible note allows investors to convert their debt into shares in Bacasable Global Limited, the legal entity of The Sandbox, under the same conditions as existing preferred shares.
The funds will support The Sandbox’s goal of creating a decentralized virtual world integrating cultural and gaming experiences, aiming for active participation and community benefits.
Accelerating a decentralized metaverse
Sebastian Borget, President of The Sandbox, commented on the investment, saying: “We are delighted to welcome new strategic partners who support our vision of developing the most accessible and inclusive platform that makes Web3 opportunities accessible to a global mainstream audience, and where brands and communities come together to co-create the future of gaming and entertainment. The Sandbox is proud to believe in the power of the metaverse to shape our digital future to be collaborative, equitable and open.
The sandbox allows users to participate in various virtual activities, including games and social events, and the latest funding aims to help the company further develop its platform and ecosystem.
Plans include updates to its 3D editing tools Game Maker and VoxEdit, introducing new social interactions for avatars, and expanding gameplay with a new multiplayer rules system expected to launch in beta later this year and to the public in 2025.
Yat Siu, Executive Chairman of Animoca Brands, also added: “We are deeply honored by the continued commitment to The Sandbox’s vision, and we are incredibly excited about the future of user-generated composable content games. »
Additionally, The Sandbox is developing a version of its decentralized system metaverse for mobile devices, scheduled to launch in 2025.
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Blockchain enthusiast and long-time gamer.