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Shumaila Arshad Khan
Nov 2, 2021
by Shumaila Arshad Khan

SoftBank Invests $93 Million in Hong Kong Based "The Sandbox" – A Popular NFT Gaming Firm

SoftBank The Sandbox NFT

Table of contents

  1. The Conglomerate to Lead a String of Fundings in NFT-Related Companies
Sandbox announced on Monday, November 1 about its investment led by the SoftBank program called Vision Fund 2. Hong Kong-based gaming rostrum - The Sandbox allowing its users to construct a virtual world via non-fungible tokens (NFTs), has raised US$93 million.

Softbank Announces Partnership with The Sandbox – NFT

Softbank saw a rapid growth in monthly mobile users surpassing $144 million in transaction volume on the platform. Thus, comes up the latest fundraising. It also speckles Vision Fund 2's first investment in Sandbox – a company provisioning its cryptocurrency.

The Sandbox, tenured by blockchain gaming developer Animoca Brands, announces collaboration with brands and celebrities, such as rapper Snoop Dogg, to design a digital facsimile of his mansion in the Sandbox's metaverse.

Dwindling to disclose its quotation, the company Softbank allows cryptocurrency to have a market cap of worth US$2 billion nearly. The company declares that it presently owns about 22 percent of the tokens.

The Conglomerate to Lead a String of Fundings in NFT-Related Companies

The price of the coin is overleaping to 200 percent after Facebook announced the change of its name to Meta Platforms Inc last week. Investors' interest in companies that build metaverse gaming experiences is seen to perforate post this announcement.

Sebastien Borget - chief operating officer and co-founder comments Reuters in an interview. He said SoftBank's investment will help because it inflates from gaming into fashion, architecture, and virtual concerts.

Borget also says, "We are generating this open metaverse. We are orienting The Sandbox against those giant tech companies asserting the metaverse to be theirs, offering an alternative where users are first."

SoftBank has headed a chain of fundings in NFT-related companies in 2021. Some of the latest investments on behalf of SoftBank count in sports NFT startup Candy Digital & NFT fantasy soccer game Sorare.

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SoftBank NFT Animoca Brands Snoop Dogg The Sandbox
SoftBank Invests $93 Million in Hong Kong Based "The Sandbox" – A Popular NFT Gaming Firm
Shumaila Arshad Khan
Shumaila Khan is a Senior Editor, a Management Professional, and a novice Crypto-Enthusiast who has authored and co-authored scores of works and research publications in various fields like sales, marketing & communications, geo-politics, and science including crypto asset class and its global impact on the world economy and market. As a keen observer of current and plausible trends in the crypto space, she’s been working to provide fresh content with a clear and resourceful perspective that would help build general awareness about the dynamics of cryptocurrency, its know-how, and sustainability.

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