The Sandbox by Animoca Brands Gets US$20M Funding at US$1B Valuation

The Sandbox by Animoca Brands Gets US$20M Funding at US$1B Valuation

by June 10, 2024

The Sandbox, a user-generated content (UGC) metaverse platform under Animoca Brands, has announced a US$20 million (HK$156 million) funding round through convertible promissory notes, capped at a US$1 billion (HK$7.81 billion) valuation.

Kingsway Capital and Animoca Brands led this strategic investment round, including contributions from LG Tech Ventures and True Global Ventures.

The funds will advance The Sandbox’s vision of a decentralised virtual world that merges culture and gaming, allowing the community to participate actively in the ecosystem’s growth.

Key areas of development include enhancing the earning potential for creators by upgrading the Game Maker and VoxEdit 3D editor tools, introducing new social features and capabilities for avatars, and expanding gameplay through a new multiplayer rules system set to launch in Beta later this year and publicly in 2025.

Additionally, The Sandbox under Animoca Brands is developing a mobile version of its decentralised metaverse, which is expected to launch in 2025.

Yat Siu, the Executive Chairman and Co-founder of Animoca Brands

Yat Siu

“McKinsey has estimated that by 2030, the metaverse could contribute US$5 trillion to the global economy. Games like Minecraft and Roblox are popular, but they lack digital property rights for users. The Sandbox represents the next step in UGC games, offering digital ownership,”

said Yat Siu, co-founder and executive chairman of Animoca Brands.

The Sandbox platform enables users to play, create, and monetise unique experiences alongside brands, IPs, and celebrities across various sectors, including gaming, entertainment, music, art, and culture.

Utilising Web3 technologies, The Sandbox provides players and creators with true ownership of their assets, creations, and rewards through non-fungible tokens (NFTs).

The Sandbox has achieved significant engagement with over 400 partners, such as Warner Music Group, Gucci, Ubisoft, Paris Hilton, The Walking Dead, Snoop Dogg, Lacoste, Steve Aoki, and The Smurfs. Over the past year, over 330,000 unique creators have downloaded The Sandbox’s no-code Game Maker.

Featured image credit: Edited from Freepik