The Sandbox Raises $20 Million at $1 Billion Valuation to Develop Decentralized Metaverse for Mobile Devices

Metaverse platform The Sandbox has raised $20 million in a funding round led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. The company's valuation has dropped from $4 billion to $1 billion since 2022. The funds will be used to develop a decentralized metaverse for mobile devices and update its Game Maker and 3D editor tools. The Sandbox's native token SAND rose by 4.5% after the funding round was announced, and the company has 5.7 million user accounts connected to crypto wallets.