Popular metaverse altcoin The Sandbox has raised $20 million to expand its creator economy in the open metaverse.
While it reached a valuation of $1 billion with this investment, the valuation has decreased from $4 billion to $1 billion since 2022.
This investment round was led by Kingsway Capital and Animoca Brands.
Sandbox stated that it will use the capital to improve its features and develop a decentralized metadatabase for mobile devices.
Animoca Brands co-founder Yat Siu said the following about the investment:
“McKinsey estimates that metadata could add $5 trillion to the global economy by 2030.
Today, games like Minecraft and Roblox are some of the most popular games in the world, but they do not provide digital property rights to their users. Sandbox represents the evolution of UGC gaming for the age of digital ownership.”
After the investment news, SAND price started to rise.
*This is not investment advice.
