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The Sandbox Looks to Raise $400M at $4B Valuation: Report
The metaverse platform is in talks with new and existing investors.
Updated May 11, 2023, 7:17 p.m. Published Apr 19, 2022, 10:40 a.m.
Metaverse firm The Sandbox is looking to raise $400 million at a valuation of more than $4 billion, according to a Bloomberg report on Tuesday.
- The platform is in talks with new and existing investors, the report said, citing people familiar with the matter.
- The Sandbox is a platform built on the Ethereum blockchain that allows users to buy, sell, trade and own digital assets in a virtual world. Assets are bought and sold in the form of non-fungible tokens (NFTs) and can represent plots of land, cars, art and other property.
- Among its recent users was global bank HSBC, which last month bought a plot of land in The Sandbox. The bank planned to develop that virtual parcel of land to engage with sports, e-sports and gaming fans on the platform.
- SAND, the platform's native token, was priced at $2.82 at the time of writing and boasts a market capitalization of $3.27 billion, according to data by CoinMarketCap.
- Last November, The Sandbox, which is majority-owned by blockchain gaming firm Animoca Brands, raised $93 million in a Series B funding round that was led by SoftBank.
- The platform didn't immediately respond to a request for comment.
Read more: What Can You Actually Do in the Metaverse in 2022?
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