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Animoca Brands Corporation Limited and its subsidiary Bacasable Global Limited announced a major financial development for The Sandbox. The UGC metaverse platform raised $20 million through convertible promissory notes, setting a $1 billion valuation cap. Kingsway Capital and Animoca Brands led the funding round, with LG Tech Ventures and True Global Ventures also participating. This funding will help advance The Sandbox’s vision of a decentralized virtual world.
Yat Siu, co-founder and executive chairman of Animoca Brands, shared his enthusiasm: “We are deeply honored by the continuing commitment to the vision of The Sandbox, and we’re incredibly excited about the future of composable user-generated content games.” He emphasized the importance of digital property rights in UGC games, noting that while titles like Minecraft and Roblox are popular, they do not offer users these rights.
The new funds will drive several key initiatives, including enhancing earning opportunities for creators, updating the Game Maker and VoxEdit 3D editor tools, introducing new social interactions and abilities for avatars, and expanding gameplay with a new multiplayer rules system expected to launch in Beta later this year and publicly in 2025. The Sandbox also plans to launch a mobile version of its decentralized metaverse in 2025.
Since its Alpha launch in November 2023, The Sandbox has reached significant milestones, including 1,000 user-generated experiences and over 5.7 million user accounts connected to crypto wallets. The platform has over 400 partnerships with global brands such as Lionsgate, Warner Music, Ubisoft, Snoop Dogg, and Gucci.
In the last year, over 330,000 unique creators downloaded The Sandbox’s no-code Game Maker, and the platform is increasing efforts to attract first-time creators through education initiatives, bootcamps, and game jams. To date, more than 60,000 avatar NFTs have been sold, featuring collections like Hellboy, Paris Hilton, and Maradona.
Arthur Madrid, CEO and co-founder of The Sandbox, highlighted the platform’s mission: “The open metaverse empowers anyone to express themselves while discovering and engaging with the culture of millions of other users. Our mission at The Sandbox is to develop creative tools and technologies that bring fairness and new opportunities for all types of creators in the open metaverse.”
Anshul Agarwa, managing director at LG Technology Ventures, praised The Sandbox’s approach to Web3 and gaming: “Our mission at LG Tech Ventures is to bolster the visionaries who are shaping emerging trends, including Web3 adoption and consumer entertainment.”
Over the past six months, The Sandbox enabled more than 25,000 virtual real estate owners to publish their LAND experiences, opened its Marketplace on Polygon’s L2, and supported a thriving economy with over 11,000 unique digital assets minted and sold more than half a million times. The Sandbox now has over 250 Trusted Partners and plans to expand into new markets such as Vietnam, Saudi Arabia, and Africa.