Krystal H

(Reuters) – The Sandbox, a Hong Kong-based gaming platform that allows users to build a virtual world using non-fungible tokens (NFTs), has raised $93 million from investors led by SoftBank’s Vision Fund 2, the company told Reuters on Monday.

It was just over a year since its previous round. In that time, the company had seen rapid growth in active users monthly and exceeded $144million in transaction volume. It also marks Vision Fund 2’s first investment in a company that issues its own cryptocurrency.

Majority-owned by Animoca Brands (a leading blockchain gaming developer), the Sandbox allows gamers to develop, own, and monetize virtual games on the blockchain. The platform offers creators the opportunity to own NFTs, and also provides tools for creating assets.

It has announced partnership with brands and celebrities, including rapper Snoop Dogg, who will create a digital replica of his mansion in the Sandbox’s metaverse.

While the company refused to reveal its valuation, the market value of the Sandbox cryptocurrency, which it backs is close to $2 billion. According to the company, it holds approximately 22% of tokens.

After Facebook announced last week that it will change its name from Meta Platforms Inc to Meta Platforms Inc, the price of the cryptocurrency has increased by more than 200%. This sparked investor interest in companies creating metaverse gaming experiences. Metaverse describes the idea of an open virtual platform where people have access from all devices.

In an interview with Reuters, Sebastien Boorget, co-founder and chief operating officer of Sandbox Creators, stated that this investment would help to fuel Sandbox creators’ economic growth. He also spoke out about fashion, architecture, virtual concerts and other related areas.

“We’re creating the open metaverse. Borget stated that Sandbox is being positioned against giant tech companies, who claim the metaverse as theirs. “We are offering an alternative to users where they are first,” Borget said.

SoftBank, amid explosive growth in the NFT industry, has managed a number of financings for NFT-related businesses this year. SoftBank has recently invested in Candy Digital NFT, as well as NFT fantasy soccer league Sorare.