Virtual gaming world The Sandbox raises $93 million from APAC VCs

the sandbox
Image credit: The Sandbox

The Sandbox, a Minecraft-inspired game, raised $93 million in a recent Series B funding round aimed at accelerating its stake in the metaverse.

The Softbank-led funding, which is expected to offer more jobs for creators, also involved APAC venture capitalists such as Animoca Brands, Samsung Next, LG Technology Ventures, Com2uS, Siam Commercial Bank, Sun Hung Kai & Co, True Global Ventures, and Blue Pool Capital.

The Sandbox is an Ethereum-based virtual gaming world that uses a play-to-earn model where players can play, build, own, and monetize on a virtual land they own using NFTs and in-game currency $SAND.

While other gaming and decentralized finance (GameFi) platforms are focused on player vs. player (PVP) and battle-type gameplay, The Sandbox envisions turning players into creators in a player-owned economy that is expanding to develop more digital opportunities.

Its VoxEdit NFT builder and Game Maker tools help rookies and experienced creators build game mods and assets without the need to code. Moreover, new job titles, such as virtual architects, fashion designers, event planners, and promoters, will soon be available on the platform.

So far, the game has a growing number of 500,000 registered wallets, with over 100 artists who have sold user-created NFTs for 2.2m $SAND in the Marketplace. In addition, 2.5m $SAND have been paid to 30,000 creators and game makers.

“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,” said Sebastian Borget, COO and co-founder, in a Reuters report.

The company established partnerships with huge personalities and firms in various industries like rapper Snoop Dogg, The Walking Dead, The South China Morning Post, Care Bears, The Smurfs, Avenged Sevenfold, Richie Hawtin, Manchester City F.C. and Atari.

GameFi continues to rise in popularity in Southeast Asia. With the boom of Vietnam’s Axie Infinity in the previous months, other GameFis, like My Defi Pet, Binamon, Plants vs. Undead, and MIR4 have also attracted the attention of investors and players.

In Southeast Asia, there are thousands of creators, artists, and talents who can benefit from The Sandbox and similar GameFi platforms. The future of NFT games continues to progress in the region and has opened multiple career opportunities, advanced technology and innovation, and built a virtual community for all to enjoy. (1$SAND is equivalent to $2.80 at present)

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