Jun 6, 09:05 PM

The Sandbox Raises $20 Million at $1 Billion Valuation; $SAND Spikes

The Sandbox, a leading Ethereum-based Web3 metaverse gaming platform, has successfully raised $20 million in convertible debt, achieving a valuation of $1 billion. This funding round saw participation from prominent investors including LG Technology Ventures, Kingsway Capital, True Global Ventures, and Animoca Brands. The new capital will be used to enhance The Sandbox's user-generated multiplayer gaming platform. This funding comes shortly after the establishment of The Sandbox DAO, which aims to foster community-driven governance and true digital ownership. The valuation represents a significant drop from a previous $4 billion valuation, highlighting the challenging market conditions. Following the announcement, $SAND spikes.