June 9, 2024
Latest Cryptocurrency News

Animoca Brands’ The Sandbox Secures $20 Million in New Funding

Animoca Brands, along with its subsidiary Bacasable Global, which operates the renowned metaverse platform The Sandbox, has successfully raised $20 million through convertible promissory notes. The investment, made at a valuation of $1 billion, marks a milestone for the virtual world platform.

Investment Round Led by Kingsway Capital

Leading the funding round is Kingsway Capital, with participation from LG Tech Ventures and True Global Ventures. The convertible notes, which can be converted into equity, offer investors an opportunity to engage in Bacasable Global’s growth trajectory on the same terms as existing preference shares.

Funding to Propel Expansion of Creator Economy and Metaverse Platform

The Sandbox plans to leverage the investment to bolster the creator economy. Additionally, it aims to enhance its decentralized mobile metaverse platform, slated for launch in 2025. Key areas of development include the addition of social features, avatar skills, and upgrades to its Game Maker and VoxEdit 3D editing tools.

Moreover, the platform’s multiplayer rules system is set to debut in beta later this year. This aims to enrich gameplay options for users ahead of its full release in 2025.

Since its Alpha version rollout in November 2023, The Sandbox has witnessed remarkable growth. It boasted over 1,000 user-generated experiences and 5.7 million user accounts linked to cryptocurrency wallets.

Navigating the Metaverse Landscape

While the metaverse concept has captivated imaginations, widespread user adoption has remained elusive for many projects. Meta’s highly publicized metaverse venture, for instance, saw disappointing user numbers in 2022, highlighting the challenges faced by major players in the space.

Furthermore, The Sandbox stands out with its steady growth trajectory. It reported an influx of over 330,000 unique creators in the past year alone. With ambitious plans and substantial backing, The Sandbox is poised to play a defining role in shaping the future of the metaverse.

As the metaverse continues to evolve, investors and industry observers keenly watch developments in platforms like The Sandbox, which embody the promise of digital ownership and immersive virtual experiences.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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