User-generated, crypto, and blockchain gaming platform The Sandbox has recently hosted a series B funding round. The game company that allows users to earn and trade crypto had raised around $93 million in the financing round. The news comes right before the game has officially launched to help further support the game. The round was led by SoftBank's Vision Fund 2, a venture capital fund founded in 2017.
Reportedly, many companies in the IT industry participated in the fundraising event, some of which include Galaxy Interactive, Samsung Next, and True Global Ventures to name a few. Other notable mentions that joined in were Liberty City Ventures, Com2us, and Animoca. Concurrently, the funding round news achievement occurred at the same time as Facebook's surprising rebrand choice to "Meta".
The Sandbox is a blockchain-based game that has its own native NFTs and cryptocurrency. Users can buy crypto land NFTs within the game; the lands make up the game's map, all of which various players own. Players can also buy cryptocurrency SAND, the game's native token, where investors can stake the tokens or use them for governance. According to the game company, they have been pushing the sales for both SAND and LAND tokens. The Sandbox reportedly made $144 million in NFT sales with around 12,000 LAND owners. The statistics given are on top of the $93 million that they made from the funding round.