The firm is considering “aggressive” mergers and acquisitions, according to Sebastien Borget, chief operating officer and co-founder. Since last year, the company has grown to 200 employees and plans to expand even further in 2022.
According to Borget, the Sandbox is searching for firms that are “building compelling metaverse experiences for people.”
Bloomberg reported on April 6 that the company had no immediate intentions to go public.
Plans for a Massive Metaverse
The Sandbox, which is majority-owned by Animoca Brands, a blockchain gaming startup, raised $93 million from investors led by Softbank in November 2021. In 2019, Animoca already raised $2.5 million for the development of The Sandbox.
By selling digital land to artists and performers and tickets to consumers, the Metaverse platform has recently expanded into virtual events and concerts.
Snoop Dogg, who created his current music video in the Metaverse with his synthetic doppelganger, is one of the most recent major names to use The Sandbox. Recently, the portal has forged alliances with major fashion and banking brands.
HSBC, the world’s largest bank, teamed with The Sandbox last month to expand potential in financial services and e-sports.
Following a $360 million investment round earlier this year, Animoca Brands’ valuation was said to have risen to $5.5 billion.
Price Forecast for SAND
SAND, the Metaverse platform’s native coin, has not reacted to its COO’s upbeat prognosis. According to CoinGecko, the cryptocurrency has lost 7% on the day and was trading at $3.2 at the time of writing.
SAND has lost more than 8% in the last week, with the most of the loss occurring in the last few hours. So, The Metaverse coin is now down 62 percent from its all-time high of $8.40 on November 25.
From a total supply of 3 billion tokens, approximately 1.1 billion SAND are in circulation. Lastly, It now has a market capitalization of $3.7 billion.
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