Metaverse Expands as The Sandbox raises $93M to Fund Growth. SoftBank Vision Fund 2, which was the second round of the Series B round at $93 million, represented the fund’s first venture into crypto assets.
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The metaverse is still the most attractive point for crypto investors. The Sandbox, an Animoca Brands subsidiary, and nonfungible token(NFT) metaverse platform, raised new capital in a SoftBank Vision Fund 2 round of funding.
SoftBank Vision Fund 2 made its first investment in crypto assets with The Sandbox’s Series A round. It raised $93 million, including participation from Animoca Brands and True Global Ventures.
The announcement stated that The Sandbox will accelerate the growth of its open universe with live performances, games, and social experiences. It will also “support more creators and involve more brands and intellectual property.”
It allows players to make money from their time in the metaverse, also known by the play-to earn model. The announcement states that it creates a circular economy in which resources collected by one group of players can be sold to buy them from another group of creators or players.
The Sandbox, an NFT-based open metaverse is well-known for its partnerships with more than 165 brands, including Snoop Dogg and The Walking Dead.
The Sandbox CEO and co-founder Arthur Madrid shared the team’s plans to expand into fashion, architecture, virtual concerts and shows, art galleries, and museums. “We are developing an entire ecosystem that opens new digital job opportunities for players and creators in our open NFT metaverse,” he added.
