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Animoca’s Blockchain Game System Raises $93 Million From SoftBank Amidst Race To Develop Metaverse

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Animoca’s Blockchain Game System Raises $93 Million From SoftBank Amid Race To Develop Metaverse

< img src=" https://thumbor.forbes.com/thumbor/fit-in/1200x0/filters%3Aformat%28jpg%29/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F618249e8849e36a3bbe9678c%2F0x0.jpg%3FcropX1%3D0%26cropX2%3D595%26cropY1%3D0%26cropY2%3D335" class =" ff-og-image-inserted" > The Sandbox, a Hong Kong-based blockchain gaming platform owned by Animoca Brands, has raised more than $90 million in a funding round led by SoftBank Group. The financial investment into the platform, which enables gamers to develop a virtual world and trade in-game non-fungible tokens (NFTs), comes as Facebook and other tech giants reveal their aspirations to construct a digital realm referred to as the “metaverse.”

The $93 million funding round marks the first-ever crypto-related investment made by SoftBank’s Vision Fund 2, Sandbox revealed on Tuesday. Others backers who joined the round consist of LG Innovation Ventures, Samsung Next, Liberty City Ventures and others.

Comparable to video game Minecraft, Sandbox enables players to develop a virtual world from creating their own avatars to purchasing digital plots of land. Sandbox’s gamers can generate income from all in-game items, whether it’s the virtual real estate they developed, or the weapons they created for the character. These items can be traded on the platform’s market as NFTs, which are digital properties saved on a blockchain that determines the ownership of things.

can trade in-game properties on the platform’s NFT marketplace. The Sandbox said the capital raised will make it possible for the company to scale its development as a digital entertainment location where brand names and stars can engage with their fans essentially. The blockchain video gaming platform so far has actually accumulated 12,000 digital land owners, according to its declaration. Among the “landlords” in the virtual world are American rapper Snoop Dogg, computer game maker Atari, crypto exchange Binance, as well as the billionaire Winklevoss twins. The company stated it had actually produced a gross product worth of more than $144 million as of November 2.

” This investment will assist fuel the development of The Sandbox developers’ economy as we expand beyond video gaming into fashion, architecture, virtual concerts and programs, art galleries, museums, and more,” Arthur Madrid, CEO and cofounder of Sandbox, stated in a declaration. “We are developing a whole ecosystem that opens new digital job chances for players and creators in our open NFT metaverse.”

Sandbox’s newest financing round came as global tech giants are increase their efforts to construct the metaverse. The futuristic term describes a digital universe that integrates element of video gaming, social media, cryptocurrencies, augmented and virtual reality where users can connect virtually. Last week, Facebook altered its name to Meta as part of an effort to moved the business’s focus from handling its social media platform to constructing the metaverse. On the other hand, Microsoft has actually revealed its business variation of the metaverse with a video chat software application that includes digital avatars, according to a Bloomberg report.

Published at Wed, 03 Nov 2021 10:46:25 +0000

https://www.forbes.com/sites/zinnialee/2021/11/03/animocas-blockchain-game-unit-raises-93-million-from-softbank-amid-race-to-build-metaverse/

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