Popular metaverse coin The Sandbox announced that it received an investment of $ 20 million. Following this development, SAND, the local token of the project, started to rise. Sandbox will use the capital to improve features and develop a decentralized metaverse for mobile devices.
The Sandbox received a $20 million investment, SAND price jumped!
Metaverse coin The Sandbox raised $20 million at a $1 billion valuation. Currently, the project is trying to develop the user-created multiplayer gaming platform. Kingsway Capital and Animoca Brands led the financing round, which also included investments from LG Tech Ventures and True Global Ventures.
The Sandbox was aiming to raise $400 million in 2022 at a valuation of $4 billion. However, according to the latest data, its market cap is currently $1.1 billion. Following the news, the price of The Sandbox’s native token, SAND, started to rise. In this context, the metaverse coin rose by 4.5% in the first place after the announcement of the funding round. However, the token then started to lose altitude. At the time of writing, SAND was trading at $0.4795, up 2.09% on a daily basis.
The popular metaverse coin continues to innovate and update
The Sandbox will use some of the capital to develop a decentralized metaverse for mobile devices. This metaverse is planned to be released in 2025. The Metaverse coin will also update Game Maker and 3D editor tools. Yat Siu, co-founder of Animoca Brands, made the following statement about the investment:
McKinsey estimates that the metaverse could add $5 trillion to the global economy by 2030. Today, games like Minecraft and Roblox are some of the most popular games in the world, but they do not provide digital property rights to their users. The Sandbox represents the evolution of UGC gaming in the age of digital ownership.
There are 5.7 million user accounts linked to crypto wallets in the Sandbox. Additionally, more than 1,000 user-generated experiences have been created since the Alpha version went live in November 2023.
The Sandbox (SAND): Web3 metaverse playground
As its name suggests, The Sandbox is a place to play games. Focusing mainly on gaming, The Sandbox is an environment where players can create their digital content and earn money from other players. This is a great idea since gaming is a $90 billion industry. Since the advent of the Internet, privatization has been a lucrative endeavor. The Sandbox used this to the great benefit of its users. It also resulted in a significant increase in the price of SAND during this period.
cryptokoin.comAs you follow from , The Sandbox followed in the footsteps of Decentraland and reached its peak in 2021. However, it has declined in light of newer technologies. Just because The Sandbox is no longer as popular as it once was doesn’t mean the metaverse as a concept is dead. According to some experts, there is more life in the metaverse than ever before.
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