The cryptocurrency reacted positively today as Metaverse firm The Sandbox was valued at over $4 billion – and the price soared by over 13%.
is looking to raise $400 million at a valuation of more than $4 billion, according to a Bloomberg report on Tuesday.
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The platform is in talks with new and existing investors, the report said, citing people familiar with the matter.
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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 non-fungible tokens (NFTs) and can represent plots of land, cars, art and other property.
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Among its recent users was global bank HSBC, which last month bought a plot of land in The Sandbox. The bank planned to develop that virtual parcel of land to engage with sports, e-sports and gaming fans on the platform.
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SAND, the platform’s native token, was priced at $2.82 at the time of writing and boasts a market capitalization of $3.27 billion, according to data by CoinMarketCap.
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Last November, The Sandbox, which is majority-owned by blockchain gaming firm Animoca Brands, raised $93 million in a Series B funding round that was led by SoftBank.
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The platform didn’t immediately respond to a request for comment.
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