The Sandbox, a leading user-generated content (UGC) metaverse platform operated by Bacasable Global Limited, a subsidiary of Animoca Brands, has successfully raised $20 million in convertible promissory notes. This funding comes with a $1 billion valuation cap, emphasizing the platform's potential in the burgeoning digital economy.

Sebastien Borget, COO and co-founder of The Sandbox, commented: “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.”

Sebastien Borget COO and Co-founder of The Sandbox

What is The Sandbox?

The Sandbox gained popularity through its two successful mobile games, The Sandbox (2011) and The Sandbox Evolution (2016), amassing a total of 40 million downloads on iOS and Android. In 2018, developer/Publisher Pixowl made the strategic decision to transition this thriving User Generated Content (UGC) gaming IP and its extensive creator community from mobile to the blockchain ecosystem.

The objective was to innovate the gaming industry by empowering creators with genuine ownership of their creations as non-fungible tokens (NFTs) and incentivizing their engagement in the ecosystem. The Sandbox is now described as a virtual metaverse where players can build, own, and monetize their gaming experiences on the Ethereum blockchain using the platform's utility token SAND.

$20 Million Funding at $1 Billion Valuation

The Sandbox has just revealed a $20 million funding round to enhance its user-generated content platform, focusing on creator tools, mobile expansion, and partnerships with global brands.

This funding round was led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. The convertible promissory notes allow noteholders to convert into equity of Bacasable Global Limited under the same terms as existing preference shares.

Yat Siu, co-founder and executive chairman of Animoca Brands, highlighted the significance of The Sandbox's mission: “We are deeply honoured by the continuing commitment to the vision of The Sandbox, and we’re excited about the future of composable user-generated content games. The Sandbox represents the evolution of UGC games for the age of digital ownership.”

The Sandbox Secures $20 Million Funding at $1 Billion Valuation

Expanding the Metaverse Vision

The new funding will support The Sandbox's vision of a decentralized virtual world where culture and gaming intersect. This includes enhancing earning opportunities for creators by updating tools like the Game Maker and VoxEdit 3D editor, introducing new social interactions and abilities for avatars, and expanding gameplay possibilities through a new multiplayer rules system set to launch in Beta later this year, with a public release in 2025.

Additionally, The Sandbox plans to develop a mobile version of its decentralized metaverse, expected to launch in 2025. Since its public Alpha release in November 2023, The Sandbox has surpassed notable milestones, including over 1,000 user-generated experiences published on its virtual map and more than 5.7 million user accounts connected to crypto wallets.

The Sandbox Land and Map

Building a Global Ecosystem

The Sandbox has established over 400 partnerships with global brands, including Lionsgate, Warner Music, Ubisoft, Snoop Dogg, and Gucci. Over one hundred branded experiences are currently in production and are planned for launch throughout 2024. The platform has also seen significant engagement from creators, with over 330,000 unique creators downloading its no-code Game Maker in the past year.

Arthur Madrid, CEO and co-founder of The Sandbox, emphasized the platform’s mission: “The open metaverse empowers anyone to express themselves while discovering and engaging with the culture of millions of other users. Our mission at The Sandbox is to develop creative tools and technologies that bring fairness and new opportunities for all types of creators in the open metaverse.”

Future Prospects and Community Growth

Over the last six months, The Sandbox has continued to grow its ecosystem. It enabled more than 25,000 virtual real estate owners to publish their LAND experiences, opened its Marketplace on Polygon’s L2, and saw the creation of more than 11,000 unique digital assets, which have been minted and sold over half a million times.

SAND, LAND, ASSET and GAMES

The Sandbox’s commitment to fostering a thriving creator economy is further evidenced by its 250 Trusted Partners, who assist brands and IP holders in building metaverse experiences. The number of Trusted Partners is set to increase as The Sandbox explores new markets in regions like Vietnam, Saudi Arabia, and Africa.

Anshul Agarwa, managing director at LG Technology Ventures, commented, “The Sandbox’s distinctive approach to web3 and gaming can unlock transformative opportunities for the global creators economy.” With this new funding and continuous expansion, The Sandbox is set to further solidify its position as a leader in the open metaverse, bringing innovative opportunities and tools to a global audience of creators and users.