The Sandbox has raised $2.01 million in cash and cryptocurrency so that it can built out its game world based on blockchain, dubbed The Sandbox.
The company raised the money as TSB Gaming, a subsidiary of Animoca Brands, in the third quarter of last year, and it’s reporting it now as permitted by regulatory authorities. Investors included Square Enix, B Cryptos, and True Global Ventures.
All told, TSB Gaming has now raised $4.51 million to date. TSB is now a standalone company called TSB Gaming, and Animoca is a major shareholder. The company will look for more funding in the future in equity but also in cryptocurrency token (SAND) sales to be used inside the gaming platform, said TSB Gaming CEO Arthur Madrid in an interview with GamesBeat. (Players can use the cryptocurrency to play, to trade in the marketplace, and to stake for governance).
Blockchain is the transparent and secure decentralized ledger that can be used to verify the authenticity of digital items. That makes it useful in virtual worlds, where it can verify who created or who owns a user-generated item, and it allows players to take digital items that they own from one game to another.
The blockchain version of The Sandbox (which has existed in non-blockchain form for eight years under Pixowl, which Animoca Brands acquired in 2018) will be a virtual world where players can build, own, and monetize their own voxel gaming (blocky graphics) experiences on the Ethereum blockchain.
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