Ethereum-Powered Metaverse ‘The Sandbox’ ($SAND) Just Had $93 Million Funding Round

Ethereum-powered virtual world “The Sandbox” ($SAND) has announced that it managed to raise $93 million in its latest funding round, which was led by SoftBank Group’s second venture capital fund, Vision Fund 2.

Here is how BINANCE Research The Sandbox back in August 2020:

“The Sandbox is a virtual world built on the Ethereum blockchain, where players can build, own, and monetize their gaming experiences… The SAND token is an ERC-20 utility token that is used for value transfers as well as staking and governance… Players can create digital assets in the form of Non-Fungible Tokens (NFTs), upload them to the marketplace, and integrate into games with Game Maker.“

A Reuters report published on November 2 said that this latest funding round “came a little over a year after its last round, as the company saw fast growth in monthly active users and crossed $144 million in transaction volume on the platform.” It also mentioned that this was the first time that Vision Fund 2, which might be the world’s largest technology-focused venture capital fund, had invested in “a company that issues its own cryptocurrency.”

The list of celebrities and brands that The Sandbox has partnered with includes Snoop Dogg, South China Morning Post, Hell’s Kitchen, and Atari.

Sebastien Borget, Co-Founer and CEO of The Sandbox told Reuters in an interview:

“We are creating this open metaverse. We are positioning the Sandbox against those giant tech companies who are claiming the metaverse to be theirs, offering an alternative where users are first.“

As you can see in the one-month SAND-USD price chart below by TradingView, $SAND has enjoyed quite a strong rally since October 28, which is when Mark Zuckerberg announced that his company’s name is being changed from Facebook to Meta and explained that “Meta’s focus will be to bring the metaverse to life and help people connect, find communities and grow businesses.”