Animoca Brands, a Hong Kong-based company, operates the user-generated content (UGC) metaverse platform The Sandbox. The company revealed that it has raised $20 million in convertible promissory notes, with a $1 billion valuation cap.
In a statement, Animoca Brands said that Kingsway Capital and Animoca Brands led the strategic funding, with True Global Ventures and LG Tech Ventures also participating.
The noteholders can convert their notes into Bacasable Global Limited equity on the same terms as preference shares that are currently in effect. The Sandbox is run by Bacasable Global.
The new funding, according to the statement, will be used to further The Sandbox’s vision of a decentralized virtual world where gaming and culture collide and where users can actively contribute to and benefit from the ecosystem’s growth.
A new multiplayer rules system, which is anticipated to go live in beta later this year and be made available to the public in 2025, will expand gameplay possibilities. The Sandbox will also continue to enhance the earning opportunities for creators on its platform by updating its Game Maker and VoxEdit 3D editor tools, adding new social interactions and avatar abilities, and more.
A mobile version of The Sandbox’s decentralized metaverse is also being developed; it is anticipated to launch in 2025.
“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,” said Yat Siu, Co-founder and Executive Chairman of Animoca Brands.
“McKinsey estimated that by 2030 the metaverse could add $5 trillion to the global economy; today, games like Minecraft and Roblox are some of the most popular titles in the world, but they do not provide their users with digital property rights,
“The Sandbox represents the evolution of UGC games for the age of digital ownership,” he added.
With over 5.7 million user accounts linked to cryptocurrency wallets, The Sandbox, which debuted to the public in its Alpha version in November 2023, recently marked the achievement of 1,000 user-generated experiences that were live-published on its virtual map.
With fandom’s help, the company has become one of the top mainstream applications for bringing new users up to speed on Web3, encouraging new audiences to explore the metaverse.
Over 400 international brands have partnered with it, including Warner Music, Ubisoft, Snoop Dogg, Gucci, Habbo, Hellboy, Magnificent Century, Notorious BIG, and Space Invaders in Shibuya 109.
Presently under production, over a hundred experiences showcasing international brands are scheduled to debut in 2024.
