The metaverse continues to be the next attraction for cryptocurrency investors, with The Sandbox, a subsidiary of Animoca Brands and a non-fungible token (NFT) metaverse platform, raising fresh capital in a funding round led by SoftBank Vision Fund 2.
Marking SoftBank’s Vision Fund 2’s first investment in crypto assets, Sandbox’s Series B round saw it raise $93 million with the participation of Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios, Samsung Next, and others.
According to the announcement, The Sandbox aims to accelerate the growth of the open metaverse with games, live shows, and social experiences while “supporting more creators and engaging more brands and intellectual property.”
The game allows players to invest the time they spend in the metaverse in various ways, also known as the play-for-profit model. It creates a circular economy where resources collected by one class of players are sold and purchased by another class of players or creators, the announcement reads.
As an open, NFT-based metaverse, The Sandbox is known for its partnerships with over 165 brands—including Snoop Dogg, The Walking Dead, The Smurfs, Care Bears, Atari, and CryptoKitties—”to create voxelized versions of their worlds and characters on the platform.
Sandbox CEO and co-founder Arthur Madrid shared the team’s plans to expand into fashion, architecture, concerts, virtual shows, art galleries and museums. “We are developing an entire ecosystem that opens new digital business opportunities for players and creators in the open NFT metaverse,” he added.
Related: Animoca Brands doubles its valuation to $2.2 billion with a new $65 million financing round
Aaron Wong, an investor with SoftBank Investment Advisers, explained that The Sandbox takes advantage of blockchain and decentralized governance to give power and control to its users:
“We believe The Sandbox is building an open road to Metafire, unlocking new economic opportunities by enabling people to build and monetize their creativity, from avatars and buildings to toys and collectibles.”
Last month, Sandbox parent company Animoca Brands, backed by gaming giants like Ubisoft Entertainment, raised $65 million in a new funding round, doubling its value to $2.2 billion.