According to GamesBeat, the Sandbox, a leading decentralized virtual gaming world, has successfully raised $20 million in convertible debt funding, securing a valuation of $1 billion. This significant financial milestone underscores the growing interest and investment in the metaverse space.
This strategic funding, led by Kingsway Capital and Animoca Brands with participation from LG Tech Ventures and True Global Ventures, allows noteholders to convert into equity of Bacasable Global Limited under the same terms as existing preference shares.
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.
Yat Siu, executive chairman of Animoca Brands
Siu highlighted the metaverse’s potential, referencing McKinsey’s estimate that it could add $5 trillion to the global economy by 2030. Unlike popular games such as Minecraft and Roblox, The Sandbox provides users with digital property rights, representing the evolution of user-generated content (UGC) games in the digital ownership era.
The new funding will further The Sandbox’s vision of a decentralized virtual world where culture meets gaming, enabling the community to participate in and benefit from the ecosystem’s growth actively. CEO Arthur Madrid emphasized the goal of empowering users to build and monetize their own experiences using Game Maker.
If we can empower our economy and keep it growing, we can enable people to build their own experiences on their phones using Game Maker.
Arthur Madrid, CEO of The Sandbox
Strategic Focus and Global Presence of The Sandbox
Madrid noted The Sandbox’s strong focus on Asia, highlighting regional market differences and the company’s global presence with a team of 300 across Paris, Germany, Los Angeles, and Asia. Sebastien Borget, president of The Sandbox, reassured that the company has sufficient capital to operate for over five years and aims to grow faster by continuously adding new features to its gameplay system and other offerings.
The Sandbox plans to improve creators’ earning opportunities by updating its Game Maker and VoxEdit 3D editor tools, introducing new social interactions and abilities for avatars, and expanding gameplay possibilities with a new multiplayer rules system expected to launch in beta later this year and to the public in 2025. A mobile version of the decentralized metaverse is also in development and slated for a 2025 launch.
Achievements and Partnerships
Since its alpha launch in November 2023, The Sandbox has celebrated over 1,000 user-generated experiences and 5.7 million user accounts connected to crypto wallets. The platform boasts more than 50,000 monthly visitors, which spikes during new seasons. The Sandbox has formed over 400 partnerships with global brands, including Lionsgate, Warner Music, Ubisoft, and Snoop Dogg, enhancing its position as a leading mainstream application onboarding new users to Web3.
If landowners spend more time developing their claim, they can build its value. The company is committed to doubling down on product development, stirring up more UGC globally, and forming new partnerships, particularly in Asia.
Arthur Madrid, CEO of The Sandbox
We’re excited to welcome new strategic partners who support our vision to develop the most accessible and inclusive platform that makes Web3 opportunities available to a global mainstream audience.
Sebastien Borget, COO of The Sandbox
The Sandbox’s distinctive approach to Web3 and gaming can unlock transformative opportunities for the global creators economy.
Anshul Agarwa, managing director at LG Technology Ventures
The Sandbox continues to expand its ecosystem, boasting over 250 Trusted Partners and exploring new markets in Vietnam, Saudi Arabia, and Africa. The company remains focused on enhancing its platform, fostering a thriving digital economy, and shaping a collaborative, fair, and open digital tomorrow.
