SandStorm will launch its live platform and NFT marketplace at SXSW 2022. SandStorm aims to connect brands with Metaverse builders.
SandStorm Announces $2.5M Raise
SandStorm is preparing to launch on Ethereum and Polygon. The Metaverse project will showcase its new platform and NFT marketplace later this month at SXSW, the annual tech-focused conference held in Austin, Texas.
The new platform aims to connect leading brands that are yet to establish a presence in the Metaverse with top Web3 engineers while educating new participants about the potential of blockchain-based virtual worlds.
SandStorm says that integrating with Polygon will help users save on gas fees and let engineers mint NFTs in file formats at a low cost. Unlike many other NFT projects, SandStorm will primarily focus on one-of-one pieces, the project’s CEO Steve McGarry said in a press release.
Ahead of the launch, SandStorm has raised $2.5 million in a seed funding round. Participants in the raise included The Sandbox co-founder and Chief Operations Officer Sebastien Borget, Fenbushi Capital, Sanctor Capital, The Sandbox, and Rarestone Capital, while the project has formed ties with several key Metaverse players including The Sandbox, CyberKongz, and vEmpire.
Discussing the raise, Borget said that The Sandbox was "thrilled to invest into the SandStorm platform," commenting that it fulfills the Metaverse’s need for a platform to connect builders from across the industry.
McGarry added that the platform had seen "overwhelming demand" with 50 brands and over 500 builders awaiting the launch. SandStorm already runs a monthly builder program in collaboration with The Sandbox, with winners taking from a $50,000 SAND prize pool each month.
SandStorm’s launch comes as mainstream interest in the Metaverse continues to soar. Since Meta Platforms (NASDAQ:FB) announced its Facebook rebrand to Meta in October 2021, the likes of Adidas (OTC:ADDYY), Nike (NYSE:NKE), Warner Music, and JPMorgan (NYSE:JPM) have rushed into the space by scooping up rare NFTs, forging partnerships, and acquiring digital plots of land.
Crypto-native Metaverse games like The Sandbox have fared particularly well: the most sought-after plots of virtual real estate in the game now trade for millions of dollars worth of Ethereum.