SoftBank leads $93 mln investment in NFT gaming firm the Sandbox

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SoftBank Corp's logo is pictured astatine a quality league successful Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon

Nov 1 (Reuters) - The Sandbox, a Hong Kong-based gaming level that allows users to physique a virtual satellite utilizing non-fungible tokens (NFTs), has raised $93 cardinal from investors led by SoftBank’s Vision Fund 2, the institution told Reuters connected Monday.

The latest money raising came a small implicit a twelvemonth aft its past round, arsenic the institution saw accelerated maturation successful monthly progressive users and crossed $144 cardinal successful transaction measurement connected the platform. It besides marks Vision Fund 2’s archetypal concern successful a institution that issues its ain cryptocurrency.

The Sandbox, majority-owned by blockchain gaming developer Animoca Brands, allows players to build, own, and monetize their virtual gaming experiences connected the Ethereum blockchain. It provides creators with ownership arsenic NFTs and offers tools to make assets connected the platform.

It has announced concern with brands and celebrities, including rapper Snoop Dogg, who volition make a integer replica of his mansion successful the Sandbox’s metaverse.

The institution declined to disclose its valuation, but the crypto currency it backs, the Sandbox coin, has a marketplace headdress of astir $2 billion. The institution said it presently owns astir 22% of the tokens.

The terms of the coin has jumped implicit 200% aft Facebook (FB.O) announced it would alteration its sanction to Meta Platforms Inc past week, which spiked capitalist involvement successful companies that physique metaverse gaming experience. Metaverse refers to the thought of a shared virtual level that radical tin entree done antithetic devices and wherever they tin determination done integer environments.

This concern volition assistance substance the maturation of the Sandbox creators' system arsenic it expands from gaming into fashion, architecture and virtual concerts, Sebastien Borget, main operating serviceman and co-founder told Reuters successful an interview.

"We are creating this unfastened metaverse. We are positioning the Sandbox against those elephantine tech companies who are claiming the metaverse to beryllium theirs, offering an alternate wherever users are first," said Borget.

Amid explosive maturation for the NFT market, SoftBank has led a bid of fundings successful NFT-related companies this year. Its caller investments see sports NFT startup Candy Digital arsenic good arsenic NFT phantasy shot crippled Sorare.

Reporting by Krystal Hu successful San Francisco; Editing by Edwina Gibbs

Our Standards: The Thomson Reuters Trust Principles.

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