Animoca Brands, a company focusing on the ownership rights of digital assets and the creator economy for the open metaverse and its subsidiary, Bacasable Global Limited, operating The Sandbox, have reached a crucial funding round. The Sandbox has managed to secure $20 million through convertible promissory notes with the valuation cap of $1 billion.
The Sandbox to Enhance UGC Games with New Funding from Key Investors
This strategic funding round was initiated by Kingsway Capital and Animoca Brands, along with LG Tech Ventures and True Global Ventures. The notes are also convertible into the equity of Bacasable Global Limited in the same manner as the existing preference share.
Yat Siu, co-founder and the executive chairman of Animoca Brands, thanked everyone for the prolonged support of The Sandbox’s vision. He also spoke of UGC games in the new release of digital ownership pointing out McKinsey’s projection that the metaverse could add $5T to the global economy by 2030. Siu further noted that despite the leading position of such games as Minecraft and Roblox, users cannot obtain digital property rights in them.
The Sandbox Expands Global Reach with New Markets and Trusted Partners
The funding received will be instrumental in expanding on the goals laid out by The Sandbox, which is to build a decentralized metaverse. It will also improve the income generation capability for the creators with the help of improving its Game Maker and VoxEdit 3D editor tools. It also adds new interactions for avatars, social life, new gameplay with the new multiplayer rules system which is planned for beta release in this year and official release in 2025. Furthermore, The Sandbox is also working on a mobile app version of its metaverse to be released in 2025.
According to the CEO and co-founder of The Sandbox, Arthur Madrid, the platform lets everybody share unique ideas and values and interact with world cultures and other people using different possibilities of creativity and technology.
This year, for the first owners of more than 25k virtual plots of LAND, The Sandbox has allowed sharing their creations publicly to discuss their experiences. It is now a wildly rich ecosystem with over 250 Trusted Partners, and it continues adding new markets like Vietnam, Saudi Arabia and Africa.
