Internet and telecommunications group SoftBank’s Vision Fund 2 has led a $93m funding round for The Sandbox, the China-headquartered developer of a non-fungible token (NFT) platform, Reuters reported yesterday.
LG Technology Ventures, Polygon Studios and Samsung Next took part in the round on behalf of conglomerate LG, blockchain development technology provider Polygon and consumer electronics producer Samsung respectively.
Blockchain app developer Animoca Brands filled out the round together with True Global Ventures’ 4 Plus Fund, Liberty City Ventures, Galaxy Interactive and Kingsway Capital.
The Sandbox has built an online platform which allows users to create their own 3D computer games and computerised voxel art. The art can be made into NFT assets which are then able to be accessed and bought by other developers on the platform.
The funding will help the company expand its marketplace from gaming to areas like fashion, virtual gigs and architecture, co-founder and chief operating officer Sebastien Borget told Reuters.
Animoca Brands remains the majority shareholder in The Sandbox’s holding company, TSB Gaming, and took part in a $2m round in March 2020 alongside video game developer Square Enix, True Global Ventures and B Cryptos that pushed its total funding to $4.5m.
