According to VentureBeat, The Sandbox, a user-generated content metaverse platform, has raised $20 million in convertible debt financing, valuing the company at $1 billion. The funding was led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures.
Reportedly, noteholders can convert their notes into equity in Bacasable Global Limited on terms similar to the existing preferred shares. According to Web3 asset data platform RootData, The Sandbox is a decentralized, community-driven gaming ecosystem where creators can share voxel assets and game experiences on Ethereum and monetize them.
Tags: Animoca Brands, The Sandbox, financing.