Sandbox SAND Token Surges 60% After Latest Fundraising Round

The Sandbox SAND token surges 60% after the latest fundraising round led by Softbank’s Vision Fund 2 as we reported earlier in our crypto news.

The blockchain-based gaming platform The Sandbox acquired $93 million in the latest funding round by SoftBank. The Sandbox SAND token surged right after. The Sandbox is a game for mobile phones and Windows, developed by game studio Pixowl and also launched on Steam. As NFTs and blockchain games are emerging more and more, the brand was acquired by Animoca Brands in 2018, a Hong Kong blockchain game developer. Animoca raised $2.5 million in funding for the development of the game in 2019 and in the third quarter of the same year the project gathered more than $2 million in cash and crypto from square Enix, True Global Ventures, and B Cryptos.

The latest round of funding saw SoftBank Vision Fund 2 led fundraising along with other investors like True City Ventures, True Global Ventures, Polygon Studios, Samsung Next, Galaxy Interactive, and more. The main goal behind the fundraising round is to support and aid the growth of the NFT-powered entertainment metaverse. As per Animoca Brands’ press release, the investment will enable the team behind the project to speed up its position as a one-stop shop and a prime entertainment destination.

In it, the brands, IPs, and celebrities can come together and engage with the fans with the help of virtual experiences, live performances, games and other social engagements. Scaling the growth strategy, player acquisition, operations, and more, the ecosystem remains a key focus. Owing to the NFT hype and the explosion in the sector, the Sandbox managed to generate more than $144 million in GMV up to date and handles well over $500K users on the platform. The gaming project formed a few high-profile partnerships like the one with Snoop Dogg, the Smurfs, the Walking Dead, Cryptokitties, and more. The Sandbox also added other strategic partenrs like Galaxy Interactive and Liberty City Ventures to benefit from the geographic reach and to expand the network of the brands.

After the news went live, the Sandbox SAND token surged and added 60% to its value, going from $2.1 to $3.3 in one day, reaching an all-time high. The asset retraced slightly and it now trades below $3 but still, it remains up by double digits on a 24-hour scale.