In all, the Sandbox could be powering additional growth for its broader ecosystem with a series of targeted acquisitions in the coming months as confirmed by Borget.
The Sandbox metaverse, a mobile game, and Non-Fungible Token (NFT) marketplace is reportedly looking to raise the sum of $400 million from both old and new investors. According to a Bloomberg report citing anonymous sources close to the transaction, the startup is looking at a $4 billion valuation should the funding target be actualized.
Majority-owned by the Hong Kong-based gaming platform, Animoca Brands, The Sandbox is notably in talks with investors around the world as it looks to deepen its foothold in the NFT and metaverse-focused world of today. Considerations with respect to the size and valuation of the proposed funding round. Despite the $4 billion valuation projections, this figure may change as the talks are being finalized by all parties of interest.
Any potential fundraising will follow the $93 million pulled by the startup back in November last year as led by Softbank Vision Fund 2. The goal of raising funds for The Sandbox has always remained the same and it is often geared towards building the open metaverse.
“We are creating this open metaverse. We are positioning the Sandbox against those giant tech companies who are claiming the metaverse to be theirs, offering an alternative where users are first,” Sebastien Borget, chief operating officer and co-founder of The Sandbox said at the time as reported by Coinspeaker.
Beyond its core gaming offering and NFT assets trading, The Sandbox now sells virtual lands in a bid to compete with other notable platforms like Decentraland (MANA). The Sandbox lands have been embraced by a number of global brands including HSBC Holdings Plc (NYSE: HSBC), Adidas AG, and Warner Music Group to mention a few.
The broad plans of the company to raise funds are in tandem with what is observable amongst other prominent crypto startups around today. While a number of these firms are ambitious about their growth as it relates to public listing, The Sandbox metaverse has confirmed Initial Public Offerings (IPO) is not an immediate plan it is working on at the moment.
In all, the Sandbox could be powering additional growth for its broader ecosystem with a series of targeted acquisitions in the coming months as confirmed by Borget.
The Sandbox Metaverse Token Seeing a Massive Rejuvenation
SAND, the native token of The Sandbox has recorded a massive upsurge in the wake of the proposed funding news with investors pushing the price to its weekly high of $2.99, up 11.18% in the past 24 hours according to data from CoinMarketCap. While SAND is over 65% below its All-Time High (ATH) price record of $8.44 attained 5 months ago, its current bullish nature is likely to trigger a more sustainable uplift for the token in the near term.
SAND is an essential part of The Sandbox economy and investors understand that this growing funding will directly or indirectly affect the stability of the token in the long term, hence necessitating a buyup today.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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