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SAND, the native token of The Sandbox metaverse, rallied on reports that the metaverse intended to raise more funds. The firm is reportedly looking at more funds at a valuation of over $4 billion.
SAND rallied 10% in mere minutes after the report, and was last trading at $2.98, according to data from Coinmarketcap. The token is the third-largest metaverse coin by market capitalization, at $3.3 billion.
The token is also trading up about 3% over the past week, having benefited from increasing optimism over metaverse adoption. SAND also benefited from a recent partnership between Flickplay and The Sandbox.
Sandbox seeks more funding
The Sandbox, which is an Ethereum-based metaverse, is looking to raise about $400 million, Bloomberg reported, citing people close to the matter. The platform is targeting a valuation of over $4 billion, which would make it the most valuable metaverse.
Sandbox is majority-owned by crypto game maker Animoca Brands, and has Japanese venture capitalist SoftBank among its backers. The firm had raised $93 million in a series B round led by SoftBank in November.
The Sandbox entered blockchain gaming in 2018, when it introduced a marketplace that allowed users to upload and sell their NFTs. The company has since become one of the most popular metaverses, and has hosted several major brands and celebrities.
The metaverse branches out
Sandbox has tied up with several popular figures as promotional campaigns. It recently had an NFT avatar partnership wit rapper Snoop Dogg, who also owns a mansion in the metaverse. Land in the metaverse has been sold for as high as $450,000, according to recent reports.
Major brands such as Gucci, Warner Music, and more recently, global lender HSBC have a presence in the metaverse. HSBC had last month purchased a stadium in The Sandbox to increase engagement with customers.
The metaverse is how people will experience Web3, the next generation of the Internet — using immersive technologies like augmented reality, virtual reality and extended reality.
–Suresh Balaji, Chief Marketing Officer, Asia-Pacific, HSBC, on the bank’s partnership with Sandbox
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