Bloomberg: The Sandbox plans to raise $400 million at a $4 billion valuation

The Sandbox metaverse project is readying a $400 million funding round, with a valuation for the platform potentially topping $4 billion, Bloomberg reports, citing its own sources.

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The parent company Animoca Brands is in talks with potential investors. The size of the round and the valuation could change during the process, depending on market sentiment.

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In November 2021, the project raised $93 million. The Series B funding round was led by SoftBank’s Vision Fund 2. For the fund, the deal marked its first investment in the crypto industry and was aimed at accelerating the development of the The Sandbox metaverse.

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The team announced the launch of an alpha version of the virtual world by month-end.

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In 2022, parcels in the The Sandbox metaverse were acquired by the Italian fashion house Gucci and the largest British bank HSBC. Warner Music Group entered into a partnership with the project to organise a themed music park.

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In April, Ledger launched an educational initiative for users of The Sandbox.

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Analysts at the world’s largest international bank, Citibank, forecast the metaverse economy to grow to $13 trillion by 2030.