Ethereum-based The Sandbox metaverse is looking to expand even beyond its already increasing fold in the web3 blockchain sector. The virtual real estate gaming giant last saw an incredible $93 million funding round in series B via the likes of SoftBank Vision 2, which allowed the platform a slew of developmental improvements and expansions in digital opportunities. Still, the company vies for even more supremacy.
According to Bloomberg, Sandbox is in talks with several key investors for a potential $400 million bump, allotting the metaverse platform a total $4 billion valuation. The company is heavily considering the funding round, but overall, discussions still rely heavily on the market. It's unclear as of yet if the valuation number could change, as investor sentiment still remains rather cloudy.
Owned largely by Animoca Brands Corp., The Sandbox has been among the main proponents at the forefront of the metaverse movement, pushing bounds in gamified NFT utilization and virtual real estate. The Sandbox likewise runs on its own Ethereum-based crypto, aptly coined SAND, which as of writing sits at a little under $3. Its current market cap sits at $3 billion.
The company didn't enter the blockchain space until 2018 after it had already garnered over 40 million downloads of its two mobile games. It would adopt a full marketplace with integrated user-generated content, much akin to the supposed child-friendly Roblox. The Sandbox would eventually evolve into one of the largest digital real estate markets, where full-blown concerts and other assorted events would take place.
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Proving the vast popularity inherent in The Sandbox's virtual real estate designs, one fan of Snoop Dogg purchased a plot of the metaverse next to his idol at a whopping $450,000. Now, the rap icon is allotting valuable NFTs through the marketplace, as well as even private party passes for virtual excursions.
It's not just super fans and hip hop stars buying into the hype of the Sandbox, either. Big-name brands such as Warner Music Group, Atari, and Adidas, as well as major IPs like The Walking Dead, Care Bears, and The Smurfs, all have their own virtual spaces within the metaverse. Those names will only expand further into the future as the web3 concept outwardly takes hold.
According to a report published on Tuesday, Apr. 19 by Emergen Research, the metaverse is on track to reach a $1,607.12 billion global market size by 2030. In the report, analysts suggest that a combination of virtual reality, augmented reality, and extended reality parameters blended with artificial intelligence and cloud-based infrastructures will allow the web3 formula to unending growth moving forward into the future.
Amidst the Non-Fungible Conference in Lisbon, which took place on Apr. 5th, The Sandbox co-founder and Chief Operating Officer, Sebastian Borget, spoke of broad ecosystem enhancements still on the board, including NFT interoperability, full decentralization options, and increased partnerships, like its forthcoming collab with French fashion brand Arianne. Of major note was Borget's words on expanding "aggressively" for both acquisitions and employees.
Beyond digital real estate, The Sandbox also provides potential in enterprise communications, ridding the need for business travel, broadened NFT adoption in virtual art galleries, enhanced architectural incentives, and video gaming on a whole varied level. With an additional $400 million in its coffers, The Sandbox could do wonders in broadening its scope into new realms of digital entertainment.
Read Also: Gucci Buys a Plot of Virtual Land in The Sandbox to Officially Enter the Metaverse
