Metaverse firm The Sandbox is aiming to raise $400 million at a valuation of over $4 billion, according to a Bloomberg report on Tuesday.
The platform is in talks with new and existing investors, the report said, citing people familiar with the matter. The Sandbox is a platform built on the Ethereum blockchain that allows users to buy, sell, trade and own digital assets in a virtual world. Assets are bought and sold in the form of NFT tokens and can be land, cars, art and other property.
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Its recent users included global bank HSBC, which bought a piece of land in Sandbox last month. The bank planned to develop this virtual piece of land to interact with fans of sports, esports and games on the platform. SAND, the platform’s native token, is valued at $2.82 at the time of writing and boasts a market cap of $3.27 billion, according to CoinMarketCap.
Last November, The Sandbox, which is owned by blockchain gaming firm Animoca Brands, raised $93 million in a Series B funding round led by SoftBank.
