The NFT gaming platform remains one of the hottest topics in the cryptocurrency space.On Monday, November 1, the Hong Kong-based NFT gaming platform secured a new $93 million funding round led by SoftBank and other giants.
The sandbox gaming platform allows users to build a virtual world similar to Facebook’s metaspace using non-forgeable tokens (NFTs). It’s a classic convergence that caters to the future of virtual digital gaming and the use of digital assets like NFTs.
The sandbox gaming platform is based on the ethereum blockchain and allows players to fully “build, own and monetize” their gaming experience. Sandbox also provides players with the tools to create assets on the platform and allows creators to take ownership for NFTs.
Blockchain game developer Animoca Brands is a popular player in this space, owning a majority stake in Sandbox. This is SoftBank Vision Fund 2’s first investment in a company that issues its native cryptocurrency.
Sandbox (SAND) has seen a price rally
Sandbox (SAND) has been involved in a huge rally along with other metaverse-related cryptocurrencies since Facebook announced Meta last week. Late Monday, SAND prices spiked to an all-time high of $3.25.
SAND is trading at $2.56, up 53.26%, with a market cap of $2.28 billion. On the weekly chart, SAND has risen more than 300% and its price has quadrupled.
The rally comes as Sandbox has announced major partnerships with popular brands and celebrities.Sandbox has also partnered with popular rapper Snoop Dog, who has pledged to create a digital copy of his mansion in Sandbox’s metaspace.
COO and co-founder Sebastien Borget told us that the recent investment will drive the growth of Sandbox’s creator economy. This will also help the platform expand into other areas such as architecture, fashion and virtual concerts, Borget further added.
“We’re creating this open meta-space. We’re positioning the sandbox as an alternative to the giant tech companies that claim the meta-space as theirs, offering a user-first alternative.”