Creating the metaverse through community and an open economy
The virtual gaming world of The Sandbox has received $93 million through an investment round led by SoftBank, and they will use this to grow their creator economy. They want to grow their development team, support content creators with funding and involve more brands into their gaming universe.
The funding round led by SoftBank Vision Fund 2, also had support from investment firms like LG Technology Ventures, Polygon Studios and Samsung Next. The Sandbox wants to create a gaming economy where every participant gets rewarded for their time and effort. Ultimately they want every gamer to become a creator, allowing consumers to become architects, fashion experts, event organizers, museum owners or game masters inside the metaverse.
The metaverse should not be seen as one program or virtual world, but rather as a web of decentralized applications. Users can move their identity, for example through their web3 wallet, from one place to another without the need to swap accounts. Users can also use the earnings from one dapp, swap these tokens and use that money somewhere else. The metaverse is a connected environment where information, value and identities can move freely without walled gardens.
In The Sandbox users can own a piece of virtual land, and then build their own interactive experience. They can make a museum, or a social hub for their friends. The Sandbox provides free tools to make assets (VoxEdit) or complete games (GameMaker). This allows anybody to participate freely in the creator economy. The Sandbox already has more than 12.000 land owners, and more land will go for sale at later dates.
All eyes on SAND
Central to the play-to-earn creator economy of The Sandbox is the SAND token, which players can earn by spending time in the game world or for example by selling NFTs. Following Facebook’s transformation into Meta and the mainstream attention to the metaverse, the value of the SAND token skyrocketed. In the past 2 weeks, the value increased 240% from $0.73 to the current value of $2.75.
By connecting your web3 wallet to DappRadar, you can use the DappRadar Portfolio Tracker. In addition, this allows you to use Token Swap, where visitors of DappRadar can swap tokens without currently paying any additional fees. Check out the SAND token page for a more detailed look at the token’s recent performance.