Animoca Brands Corporation Ltd has raised US$20 million in convertible promissory notes with a US$1 billion valuation cap through its subsidiary Bacasable Global Limited, operator of The Sandbox.
The Sandbox is a user-generated content metaverse platform, which offers opportunities for creators on its platform, including Game Maker and VoxEdit 3D editor tools which will be upgraded with the funds generated, as well as new social interactions and abilities for avatars, a new multiplayer rules system and a mobile device version of the metaverse.
The strategic funding was led by Kingsway Capital and Animoca Brands with participation by LG Tech Ventures and True Global Ventures.
Noteholders have the ability to convert into equity in Bacasable Global Limited at the same terms as existing preference shares.
An ‘evolution’ in digital property rights
“We are deeply honoured by the continuing commitment to the vision of The Sandbox, and we’re incredibly excited about the future of composable user-generated content games,” Animoca Brands co-founder and executive chair Yat Siu said.
“McKinsey estimated that by 2030 the metaverse could add $5 trillion to the global economy; today, games like Minecraft and Roblox are some of the most popular titles in the world, but they do not provide their users with digital property rights.
“The Sandbox represents the evolution of UGC games for the age of digital ownership.”
The Sandbox recently celebrated a milestone of 1,000 user-generated experiences published on its virtual map, with over 5.7 million user accounts connected to cryptocurrency wallets.
It has more than 400 partnerships with global brands, including Lionsgate, Hellboy, Magnificent Century, Habbo, Space Invaders in Shibuya109, Notorious BIG, Warner Music, Ubisoft, Snoop Dogg, and Gucci.
“We’re excited to welcome new strategic partners who support our vision to develop the most accessible and inclusive platform that makes available the opportunities of Web3 to a global mainstream audience, and where brands and communities join hands to co-create the future of gaming and entertainment,” The Sandbox chief operating officer and co-founder Sebastien Borget said.
“The Sandbox is a proud believer in the power of the metaverse to shape our digital tomorrow to be collaborative, fair, and open.”
The Sandbox ecosystem now boasts over 250 Trusted Partners, who are persons and agencies trained and certified by The Sandbox to assist brands and IP holders to build metaverse experiences for their fans.
“Our mission at LG Tech Ventures is to bolster the visionaries who are shaping emerging trends, including Web3 adoption and consumer entertainment,” LG Technology Ventures managing director Anshul Agarwa said.
“The Sandbox’s distinctive approach to Web3 and gaming can unlock transformative opportunities for the global creators’ economy.”