- The popular metaverse coin, The Sandbox, recently announced securing a $20 million investment.
- This significant funding round has positively impacted the token price of SAND.
- The funds will be directed towards enhancing features and developing a decentralized metaverse for mobile devices.
The Sandbox secures $20 million investment, propelling SAND token price upwards. Dive into the latest advancements of this prominent metaverse platform.
The Sandbox Secures $20 Million Investment: SAND Price Surge
The Sandbox, a prominent player in the metaverse space, has recently raised $20 million at a valuation of $1 billion. This funding round saw participation from notable investors such as Kingsway Capital, Animoca Brands, LG Tech Ventures, and True Global Ventures.
Previously, in 2022, The Sandbox had set an ambitious target of raising $400 million at a valuation of $4 billion. Currently, its market capitalization stands at approximately $1.1 billion. Following the announcement, the native token SAND experienced an initial surge of 4.5%. At the time of writing, SAND is trading at $0.4795, reflecting a 2.09% increase over the last 24 hours.
The Sandbox Continues to Innovate and Update
The Sandbox plans to allocate part of the new funds towards developing a decentralized metaverse tailored for mobile devices, with a slated launch year of 2025. Additionally, the platform intends to enhance its Game Maker and 3D editor tools.
Yat Siu, Co-founder of Animoca Brands, remarked, “McKinsey estimates that by 2030, the metaverse could contribute $5 trillion to the global economy. While games like Minecraft and Roblox are among the world’s most popular, they do not offer digital ownership rights to users. The Sandbox represents the evolution of user-generated content (UGC) games in the digital ownership era.”
With 5.7 million user accounts linked to crypto wallets and over 1,000 user-created experiences since the release of the Alpha in November 2023, The Sandbox continues to show significant user engagement and growth.
The Sandbox (SAND): A Web3 Metaverse Gaming Platform
The Sandbox is a platform where users can engage in gaming activities. It provides an environment where players can create digital content and earn from it. The gaming industry, valued at $90 billion, has seen customization as a profitable venture since the advent of the internet, and The Sandbox leverages this for the benefit of its users, significantly impacting the price of SAND in the process.
Following in the footsteps of Decentraland, The Sandbox reached its peak in 2021 but faced a decline with the emergence of newer technologies. However, experts argue that the concept of the metaverse is far from obsolete, with more potential than ever before.
Conclusion
The recent $20 million investment in The Sandbox underscores its continuing relevance and potential in the evolving metaverse landscape. With plans to enhance mobile access and update core development tools, The Sandbox is poised to maintain its position as a key player in the Web3 metaverse gaming space. Investors and market participants should watch closely as the platform progresses and introduces new innovations.
