The trend of the metaverse is getting hotter and hotter, and the giant Softbank immediately spends $ 93 million to jump into the new game

According to a Reuters report, giant SoftBank recently poured another $93 million into another NFT gaming company. It’s Sandbox, a Hong Kong-based NFT gaming platform that allows players to build virtual worlds with non-fungible tokens (NFTs).

This is Sandbox’s second round of funding, after the company grew strongly in monthly active users and surpassed $144 million in trading volume on the platform. This is also the first time SoftBank has invested in a company that has issued its own cryptocurrency, causing the SAND to rise sharply in just one day.

Sandbox allows players to build, own and monetize their virtual game world, based on the Ethereum blockchain. It also provides tools for users to create their own NFTs and auctions. Sandbox is like a metaverse virtual universe, the trend that Facebook has recently changed towards.

The company declined to disclose its valuation, but the SAND coin currently has a market capitalization of nearly $2 billion. Sandbox says the company is holding about 22% of the SAND cryptocurrency in the market.

“We are creating an open metaverse,” said co-founder and CEO Sebastien Borget . We are positioning the Sandbox as something against the giant tech companies that claim the metaverse is their own.”

This seems to be a challenge to Facebook, after this social network changed its name to Meta and aimed to build its own metaverse virtual universe.

Reference: reuters