The Sandbox, a subsidiary of Animoca Brands, has announced a $20 million funding round with a valuation cap of $1 billion, aimed at expanding its creator economy within the open metaverse. This strategic funding, led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures, supports The Sandbox’s vision of a decentralized virtual world blending culture with gaming.

Previously, in 2022, The Sandbox sought funding at a $4 billion valuation when the SAND token market cap reached about $3.7 billion. However, with the token now valued around $1 billion, the new funding round aligns with the current project valuation.

The funds will enhance creators’ earning opportunities, upgrade Game Maker and VoxEdit tools, introduce new social interactions and avatar abilities, and expand gameplay with a new multiplayer rules system slated to launch in Beta later this year and publicly by 2025. Additionally, The Sandbox is developing a mobile version of its decentralized metaverse, set for release in 2025.

Sebastien Borget, COO and co-founder, emphasized The Sandbox’s dedication to developing creative tools and technologies that provide fairness and new opportunities for all creators in the open metaverse. Recent milestones include enabling over 25,000 virtual real estate owners to publish their LAND experiences, opening its Marketplace on Polygon’s L2, and building an economy with over 11,000 unique digital assets minted and sold more than half a million times. Borget stated,

“We’re thrilled to welcome new strategic partners who share our vision of creating the most inclusive and accessible platform, bringing the opportunities of Web3 to a global mainstream audience, where brands and communities collaborate to shape the future of gaming and entertainment.”

In 2024, The Sandbox plans to launch over 50 new collections, introduce new gameplay mechanics, and host more than 30 Game Jams. Initiatives like the Game Maker Fund, committing 100 million SAND until 2028 to support creators based on their engagement, aim to empower creators further. The Sandbox also intends to enhance creator support with new tools and analytics, solidifying its leadership in the metaverse and Web3 gaming industry.