The Sandbox, a Hong Kong-based Metaverse startup, announced on Monday it has raised $93 million from investors led by SoftBank’s Vision Fund 2.
The Sandbox allows players to build, own, and monetize their virtual gaming experiences on the Ethereum blockchain. It provides creators with ownership as NFTs and offers tools to create assets on the platform.
In an interview with Reuters, the company's chief operating officer and co-founder Sebastien Borget said that the investment will help fuel the growth of the Sandbox creators' economy as it expands from gaming into fashion, architecture and virtual concerts.
The company, majority-owned by blockchain gaming developer Animoca Brands, saw fast growth in monthly active users and crossed $144 million in transaction volume on the platform.
The Sandbox is the first investment into crypto assets by SoftBank Vision Fund 2, though SoftBank also invested $680 million in Sorare, a Paris-based NFT fantasy soccer game maker with 30 employees.
SAND, The Sandbox token, has a $2.46 billion market cap, according to data from intelligence platform CoinMarketCap.