Animoca Brands and its subsidiary, Bacasable Global Limited, which operates The Sandbox, have successfully completed a significant funding round. The Sandbox has secured $20 million through convertible promissory notes, with a valuation cap of $1 billion.
The Sandbox, a prominent user-generated content platform in the metaverse, announced the successful fundraising on Twitter. The funds were raised with the support of key investors such as Kingsway Capital, LG Tech Ventures, and True Global Ventures. The notes can be converted into equity in Bacasable Global Limited, similar to existing preference shares.
Yat Siu, co-founder and executive chairman of Animoca Brands, expressed gratitude for the ongoing support of The Sandbox’s vision. He highlighted the potential of UGC games in the digital ownership landscape, referencing McKinsey’s prediction of a $5 trillion boost to the global economy from the metaverse by 2030. Siu emphasized the importance of digital property rights, noting the limitations in popular games like Minecraft and Roblox.
The funding will fuel The Sandbox’s efforts to create a decentralized metaverse and enhance income opportunities for creators. The platform plans to improve its Game Maker and VoxEdit 3D editor tools, introduce new interactions for avatars, social features, and multiplayer gameplay rules. A mobile app version of the metaverse is also in the works for a 2025 release.
Arthur Madrid, CEO and co-founder of The Sandbox, highlighted the platform’s mission to empower users to share ideas, values, and engage with diverse cultures through creativity and technology. The platform has allowed owners of virtual plots of LAND to publicly showcase their creations, fostering a vibrant ecosystem with over 250 Trusted Partners and expanding into new markets like Vietnam, Saudi Arabia, and Africa.