TL;DR Breakdown
- The Sandbox raises $93 million in investment funding.
- SAND continues to rally high alongside other Metaverse tokens.
The blockchain and NFT gaming platform, The Sandbox, managed to raise a $93 Million Investment fund from Softbank’s Vision Fund 2 fundraising. The gaming platform facilitates the building of unique and personalized worlds within its Metaverse. Since Facebook announced changing its parent company’s name to Meta, the gaming platform’s native token, SAND, has been strongly bullish.
Meta rebrand impacts The Sandbox
The Metaverse concept has become even more popular following the recent announcement by Facebook to change the parent company’s name to Meta Platforms Inc. The Metaverse craze saw the virtual gaming platform gain a significant amount of users since its previous round of funding.
The popular gaming platform notably recorded a transaction volume of $144 million, becoming the first company in the portfolio of Vision Fund that owns a native cryptocurrency.
Animoca Brands primarily owns the Sandbox; it allows NFT enthusiasts to monetize their virtual gaming experiences. The platform enables players to create, monetize and trade NFTs used as assets within it.
The native digital token of The Sandbox platform, the SAND token, has appreciated significantly over the past few days following the recent focus on Metaverse tokens.
SAND is part of The Sandbox’s portfolio of assets, estimated at nearly a quarter of the total supply of Sandbox tokens. Considering The Sandbox’s detailed price analysis, the trading price is expected to continue its bullish momentum.
Following the $93 million investment funding boost, the token’s price is poised to rise even further, with the increasing focus on the Metaverse and its endless possibilities.
The Sandbox continues collaboration with other brands
The Sandbox platform benefits from the recent declaration of Facebook to focus on Metaverse platforms, alongside the ongoing craze about NFTs and their utilities.
This development came after The Sandbox announced its continued collaboration with other brands and celebrities like SnoopDogg, who ought to recreate his house within the Metaverse.
Softbank’s interest in NFT-based companies is quite evident considering its catalog of NFT related companies. It hopes to grow the Sandbox metaverse to more than just an NFT gaming platform. The platform aims to exhaust its economic options in areas such as fashion.
One recalls reading on September 10, 2021, that the Bored Ape Yacht Club NFT collection sold at its highest-ever secondary market an ape illustration—with gold fur, laser eyes, and a captain’s hat— for 740 ETH, or just over $2.9 million at the time of purchase.
Mark Zuckerberg, the CEO and Founder of Facebook announced this new rebrand on Thursday during Connect event. The Facebook announcement has been a blessing for Metaverse tokens as they gained good fortunes following the news of Facebook. What do you think is in store for the Metaverse? Please tell us in your comments below.
