The Sandbox, a blockchain-based decentralized metaverse owned by Hong Kong-based blockchain gaming firm Animoca brands, has partnered with Warner Music Group (WMG) to create a music theme park and concert venue within the virtual gaming world.

Warner Music Group will host concerts and live experiences on its virtual land within the Sandbox, allowing WMG’s artists to generate new revenue streams and a new form of virtual entertainment.

Our partnership with The Sandbox adds a new layer of possibility in the metaverse, with the ownership of the virtual real estate,” said Oana Ruxandra, Chief Digital Officer & EVP, Business Development at Warner Music Group. “As a first-mover, Warner Music has secured the equivalent of beachfront property in the metaverse. On the LAND, we'll develop persistent, immersive social music experiences that defy real-world limitations and allow our artists and their fans to engage like never before.”

In order to meet high demand, the Sandbox will hold a Land sale in March 2022 to allow music fans to buy virtual lands adjacent to the WMG property.

Warner Music Group isn’t the first company to strengthen virtual entertainment and expand its audience within the Sandbox metaverse. Previously, Adidas, the Walking Dead, Crytokitties, as well as artists such as Snoop Dogg, Deadmau5, Steve Aoki have partnered with the Sandbox to develop their brand and image within the virtual world.

Adidas’s major rival Nike have also entered into the metaverse through a partnership with Roblox and an acquisition of digital collectibles company RTFKT Studios.

In a separate statement on Thursday, the Sandbox also announced a USD50 million metaverse incubation program that will support the innovation and development of open Metaverse. The program will allocate up to USD250,000 to each potential project and give additional incentives to top-performing projects.

Animoca brands is one of the pioneer in the blockchain-based decentralized metaverse and major investors for the NFT projects. Its investment portfolio includes some of the world’s most popular NFT projects like Dapper Labs, the firm behind pioneering blockchain game CryptoKitties, the world’s biggest NFT marketplace OpenSea, as well as Sky Mavis, the developer of “play-to-earn” blockchain game Axie Infinity.

Last week, the seven-year-old startup reached a unicorn status with a valuation of USD 5 billion after raising USD358.8 million in its latest funding round.