The Sandbox, a user-generated content platform in the metaverse, raised $20 million through a convertible debt offering.
The Sandbox, a platform that focuses on user-generated content in the metaverse, raised twenty million dollars through a convertible debt offering.
Kingsway Capital and Animoca Brands co-led this investing round, which valued the company at $1 billion. True Global Ventures and LG Tech Ventures also participated. Using the convertible note, investors can turn their debt into equity in Bacasable Global Limited, the corporate entity of The Sandbox, much like with existing preference shares.
With your donations, they can continue their mission of building a decentralized virtual world that brings together gaming and cultural events in the hopes of fostering active participation and mutual benefit among its users.
Introducing a Decentralized Metaverse
The Sandbox’s president, Sebastian Borget, addressed the investment, stating, “We’re excited to welcome new strategic partners who support our vision to develop the most accessible and inclusive platform that makes available the opportunities of Web3 to a global mainstream audience. Brands and communities collaborate to jointly shape the future of gaming and entertainment. Borget added that the company is looking forward to building the platform that will allow Web3 to reach a wider audience. When it comes to our digital future, The Sandbox is a firm believer that the metaverse can mold it into something more cooperative, equitable, and transparent.
The most recent investment will go toward expanding The Sandbox’s platform and environment, which allow users to take part in a wide range of virtual activities, such as gaming and social gatherings.
We plan to launch a new multiplayer rules system in beta later this year and open it to the public in 2025. Other plans include updating the Game Maker and VoxEdit 3D editor tools, adding new social interactions for avatars, and expanding gameplay.
Yat Siu, Executive Chairman of Animoca Brands, also expressed his enthusiasm for the future of user-generated content games that can be assembled, saying, “We are deeply honored by the continuing commitment to the vision of The Sandbox.”
Also, in 2025, The Sandbox plans to release a mobile version of their decentralized metaverse.