The Sandbox Considers Having Another Funding Round but No IPO for Now

Source :

The Sandbox plans to hire and acquire in large numbers, as Sebastien Borget, Chief Operating Officer and co-founder, asserted in a press conference in Lisbon.

The Sandbox is a virtual reality-based gaming platform that enables customers to design their digital universe using Non-Fungible Tokens. The Sandbox company, which has recently seen a meteoric rise owing to increased demand for NFTs, is contemplating another funding round this year to develop its operations.

The Sandbox plans to hire and acquire in large numbers, as Sebastien Borget, Chief Operating Officer and co-founder, asserted in a press conference in Lisbon. Borget also said that the company is planning to merge with other organizations that have the most interesting and engaging metaverse experiences for customers. While last year, the employees in the firm were around a hundred, the number now has doubled to two hundred.

According to Borget, a majority of private organizations went public on exchanges after achieving over million subscribers. Even when The Sandbox has around 2.4 Mn users as of now, the company has zero plans to go public anytime soon.

Animoca Brands is a Hong Kong-based software company that owns a majority of The Sandbox. The company recently collected $93 Million in another round of funding in November 2021 which was led by SoftBank. Animoca, prior to this, had raised over $2.5 million in funding for the expansion of The Sandbox in 2019. The popular Metaverse platform that has been in the news for quite a while now, has started conducting virtual concerts and shows while selling digital locations to artists and stage performers. The tickets for such events are also extensively sold to fans and concert-goers.

The Sandbox has been in the news lately, with famous American rapper Snoop Dogg launching his most recent video in the Metaverse with his virtual counterpart. The platform has also acquired some elite collaborations with famous brands and names in the fashion and banking industry. During the previous month, the British multinational investment bank HSBC teamed up with The Sandbox to unlock various untapped possibilities in financial services and e-sports. In 2021, Animoca Brands’ estimated value had risen to $5.5 Bn after a novel round of funding of three hundred and sixty million US dollars.

The indigenous token of the Metaverse platform, known as the SAND, has not yet been affected by the bullish trends as indicated by its Chief Operating Officer. The token has fallen by seven percent recently and is being traded at $3.2 for now.

SAND had truncated by approximately eight percent during the previous week, even though most of the drop happened in the last couple of hours. The Metaverse token is at present, down by sixty-two percent from its value in November at $8.40. While there is apparently 1.1 billion SAND in supply, the aggregate number of SAND tokens is about three billion.

Altcoin News, Blockchain News, Business News, Cryptocurrency news, Investors News

Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

Leave a Reply

Your email address will not be published. Required fields are marked *