Metaverse Startup The Sandbox Looks to Raise $400M at $4B Valuation: Report

Metaverse firm The Sandbox is looking to raise $400 million at a valuation of more than $4 billion, according to a Bloomberg report on Tuesday.

• The platform is in talks with new and existing investors, the report said, citing people familiar with the matter.
• The Sandbox is a platform built on the Ethereum blockchain which allows users to buy, sell, trade and own assets in a virtual world. Assets are bought and sold in the form of non-fungible tokens (NFTs) and can represent plots of land, cars, art and other property.
• Among its recent users was global bank HSBC which last month bought a plot of land in The Sandbox which it planned to develop to engage with sports, e-sports and gaming gains.
• The platform's native token SAND is priced at $2.82 at the time of writing and boasts a market capitalization of around $3.27 billion, according to data by CoinMarketCap.
• The Sandbox, which is majority-owned by blockchain gaming firm Animoca Brands, raised $93 million in a Series B round last November led by SoftBank.
• The platform did not immediately respond to CoinDesk's request for comment.

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