The Sandbox, a subsidiary of Animoca Brands, has secured $20 million in funding at a $1 billion valuation cap to expand its creator economy in the open metaverse. Led by Kingsway Capital and Animoca Brands, with contributions from LG Tech Ventures and True Global Ventures, this funding aims to realize The Sandbox’s vision of a decentralized virtual world merging culture and gaming.

Previously aiming for a $4 billion valuation in 2022 when its SAND token market cap was around $3.7 billion, The Sandbox has adjusted its funding strategy to match its current $1 billion market cap. The new funds will enhance earning opportunities for creators, upgrade Game Maker and VoxEdit tools, introduce new social interactions and avatar capabilities, and expand gameplay options with a multiplayer rules system slated for Beta launch later this year and public release in 2025. Additionally, The Sandbox plans to launch a mobile version of its metaverse in 2025.

Sebastien Borget, COO and co-founder, emphasized The Sandbox’s commitment to fair and inclusive development tools and technologies that empower creators across the open metaverse. Recent milestones include enabling over 25,000 virtual real estate owners to share their LAND experiences, launching a Marketplace on Polygon’s L2, and fostering a vibrant economy with over 11,000 unique digital assets created and sold over 500,000 times.

Looking ahead to 2024, The Sandbox plans to release over 50 new collections, introduce fresh gameplay mechanics, and host more than 30 Game Jams. Initiatives like the Game Maker Fund, which allocates 100 million SAND until 2028 to support creators based on engagement, underscore The Sandbox’s leadership in the metaverse and Web3 gaming sectors.