Report from Metaverse Startup: The Sandbox aims to raise $400M at a $4B valuation

The Sandbox, a Metaverse firm, seeks to raise $400 Million at a value of more than 4 billion. according to a Bloomberg report on Tuesday.

According to the report, the platform is currently in discussions with existing investors and new ones, according to sources familiar with the matter.
The Sandbox, a platform built on Ethereum blockchain, allows users to trade, buy, and sell assets in a virtual universe. Assets can be bought and sold using non-fungible tokens, which can represent land plots, cars, or other property.
Among its recent users was global bank HSBC which last month bought a plot of land in The Sandbox which it planned to develop to engage with sports, e-sports and gaming gains.
The platform’s native token SAND is priced at $2.82 at the time of writing and boasts a market capitalization of around $3.27 billion, according to data by CoinMarketCap.
The Sandbox, which is majority-owned by blockchain gaming firm Animoca Brands, raised $93 million in a Series B round last November led by SoftBank.
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