NFT Gaming Firm Sandbox Weighs Funding Round, Acquisitions
(Bloomberg) -- The Sandbox, a gaming platform that allows users to build a virtual world using nonfungible tokens, could carry out a new funding round this year as it looks to expand.
The company will move “aggressively” on hiring and acquisitions, Sebastien Borget, chief operating officer and co-founder, said at a press conference in Lisbon on the sidelines of the Non Fungible Conference. The firm currently has 200 employees, double what it had last year, he said. It could look to acquire companies that are creating compelling metaverse experiences for users, Borget added.
The executive didn't provide additional details about the amount of funds his company plans to raise or possible acquisition targets. The Sandbox, which is majority-owned by blockchain gaming developer Animoca Brands Corp., raised $93 million last year from investors led by Softbank's Vision Fund 2.
The Ethereum-based decentralized NFT gaming metaverse company has also been expanding into virtual real estate and concerts. Users can now buy and sell land on the firm's platform with SAND, its cryptocurrency. Snoop Dogg also used the platform for his latest music video “House I Built,” which featured his digital double dancing in the metaverse. Several fashion brands are also increasing their presence on The Sandbox platform by creating virtual fashion experiences for users, Borget said.
Despite its burgeoning popularity, the company doesn't plan to go public soon, Borget added.
“From what I see, most private companies went public after they had hundreds of millions of users,” he said. “We are very proud to have 2.3 to 2.4 million users right now. Let's talk again in a few years.”
©2022 Bloomberg L.P.
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