Metaverse-focused project The Sandbox is preparing to close a $400 million funding round that will drive the platform’s valuation to more than $4 billion, Bloomberg has reported citing its own sources.
According to the project, the firm’s parent company Animoca Brands is negotiating with potential investors. As the negotiations are still ongoing, both the amount of the round and the valuation may change, depending on the mood in the market.
In November 2021, the project raised $93 million in a A Series B funding round led by SoftBank’s Vision Fund 2. This deal was the first investment in the crypto industry and was aimed at accelerating the development of The Sandbox metaverse.
The team behind the project has announced the launch of the alpha version of the virtual world in late April.
