The funds will help accelerate the development of the game’s open Metaverse.
NFT Metaverse platform—The Sandbox—continued to rally following the announcement of a $93 million Series B funding round led by SoftBank’s Vision Fund 2.
The Sandbox Hits All-Time High
Another Metaverse-themed crypto project is soaring.
The Sandbox, a Metaverse game that shares some similarities with Minecraft, saw its SAND token jump 34% Tuesday. The move came as the game’s parent company, Animoca Brands, announced that the Metaverse platform had secured $93 million in a Series B funding round.
The latest price move put the SAND token up 240% over the last week. As of writing, It was sitting in the top 100 cryptocurrency tokens by market capitalization after reaching a new all-time high of $3.33.
In a press release announcing the raise, Animoca Brands detailed how the funding would help accelerate the game’s open Metaverse development. The Sandbox aims to become a “prime entertainment destination” where brands and celebrities can engage with their fans through virtual experiences in the Metaverse.
While SoftBank’s Vision Fund 2 led the raise, other backers included fellow Animoca Brands subsidy StakeFish, Polygon Studios, Samsung Next, and LG Technology Ventures. Additionally, The Sandbox has added several key advisors to its team, including Thomas Vu, former executive producer and head of franchise at Riot Games, and Nicholas Adler, manager and brand curator for Snoop Dogg.
Metaverse crypto projects have led the market since Facebook (NASDAQ:FB) announced its new mandate, which saw the company adopt a new name—Meta. CEO Mark Zuckerberg said social media would now take a back seat over building out virtual worlds and the Metaverse.
Along with The Sandbox, Decentraland’s MANA token soared over 300% since Facebook’s announcement. Other NFT gaming projects like Axie Infinity, Enjin, and Wax have also posted notable gains in the last few days.