SoftBank leads $93Mn investment in NFT gaming firm Sandbox

The Sandbox, a Hong Kong-based gaming platform has raised $93 million from investors led by SoftBanks Vision Fund 2, the company informed.

The Sandbox, majority-owned by blockchain gaming developer Animoca Brands, allows players to build, own, and monetize their virtual gaming experiences on the Ethereum blockchain. It provides creators with ownership as NFTs and offers tools to create assets on the platform.

The latest fund raising came a little over a year after its last round, as the company saw fast growth in monthly active users and crossed $144 million in transaction volume on the platform. It also marks Vision Fund 2’s first investment in a company that issues its own cryptocurrency.

This investment will help fuel the growth of the Sandbox creators' economy as it expands from gaming into fashion, architecture and virtual concerts, Sebastien Borget, chief operating officer and co-founder said in an interview.

The company declined to disclose its valuation, but the crypto currency it backs, the Sandbox coin, has a market cap of nearly $2 billion. The company said it currently owns about 22% of the tokens.