Popular metaverse platform The Sandbox has raised an additional $20 million USD through a convertible debt offering, securing a total valuation of $1 billion USD.
Co-led by Kingsway Capital and Animoca Brands, the offering allows investors to convert their debt into shares in Bacasable Global Limited, the corporate entity of The Sandbox.
These funds will help The Sandbox to further the development of its decentralized virtual world, where users can own & benefit from their user-generated content.
What is The Sandbox?
The Sandbox is a open-world metaverse title. Players can explore a vast open metropolis, enter various officially-licensed stores and experiences, and participate in a variety of gaming and social events.
Specific plans related to the recent $20M raise include updates to the title’s Game Maker and VoxEdit 3D editor tools for in-game content creators, new social interactions for avatars, and an expansion to the gameplay experience via a new multiplayer system, expected to enter Beta before the end of the year.
Some of these funds will also assist The Sandbox in continuing development of an iOS and Android version of the title, which is expected to launch in 2025.
Ramping Up A Decentralized Metaverse
“We’re excited to welcome new strategic partners who support our vision to develop the most accessible and inclusive platform that makes available the opportunities of web3 to a global mainstream audience,” said Sebastien Borget, COO and Co-founder of The Sandbox.
“The Sandbox is a proud believer in the power of the metaverse to shape our digital tomorrow to be collaborative, fair, and open.”
Yat Siu, Executive Chairman of Animoca Brands, added, “We are deeply honoured by the continuing commitment to the vision of The Sandbox, and we’re incredibly excited about the future of composable user-generated content games.”
Editorial Team