The Sandbox spikes to a 1-month high following funding news at $4 billion valuation

Saif Naqvi
Source: Pixabay

The world’s second-largest metaverse player, The Sandbox, is looking to raise $400 Million at a valuation of $4 Billion, as per Bloomberg.

Although specific details are scant at the moment, sources close to Bloomberg said that both new and old investors would be involved in the latest fundraise. The size of the raise is subject to market trends and investor demand, and the same could be altered, Bloomberg added.

If successful, the raise would be Sandbox’s largest ever in a single funding round. Previously, the highest raise took place in November following a $93 Million investment by Japan’s SoftBank Group. At the time Sandbox Chief Operating Officer and co-founder Sebastien Borget said the project could raise additional funds for hiring and acquisitions.

Launched initially in 2012 as a mobile game, The Sandbox was acquired by Hong-Kong based gaming giant Animoca Brands in 2018 who transformed it into a multi-Billion dollar project which is now deeply rooted in the metaverse and NFTs spaces.

Its rise to prominence captured the attention of various celebrities and musicians, including rapper Snoop Dogg and Canadian electronic music producers Deadmau5 and Richie Hawton. Recently, top global corporations, such as HSBC Bank and phone maker Samsung have shown an interest in the project by buying virtual plots of land in its metaverse.

SAND Price Increase

Source: TradingView

Native token SAND reacted instantly to the funding report and stayed afloat within a bearish pattern on the chart. At press time, the price was trading at $2.93, up by 12% over the last 24 hours – SAND’s biggest daily spike in over a month.