Friday, June 14, 2024

NFT Sandbox’s metaverse takes another big hit


Virtual worlds and augmented reality are increasingly becoming the priority of large companies. They constitute the “metaverse” that is currently causing a stir on the web through the innovations generated. The last one is the renaming of the Facebook group to Meta. This virtual reality promotes the development of cryptocurrencies with flagship projects such as Sandbox. The latter managed to raise $ 93 million on his own! What if we look back on this incredible success?

Sandbox the Metavers NFT is the work of two French people. Source: Adobe Stock

The metaverse: what is it?

The concept of “ metaverse “It is a neologism formed by the words” meta “(beyond, after) and” universe “(everything that exists). So it literally means “beyond the universe” or, if you like, “beyond everything that exists.” The expression is part of a futuristic logic that anticipates an after-Internet based on virtual reality.

To better understand the concept, it is necessary to define the other three concepts that it encompasses:

· The virtual world : Also called virtual space, the virtual world is a space modeled by the computer and in which users can interact and move;

· Augmented reality : It is a process of exchange between the real world and the virtual world, within which the elements of the real world are optimized by data produced by the computer;

· Virtual reality : It is an imitation process that can reproduce the real world or totally oppose it. Several applications are based on virtual reality. We can cite video conferences, moocs (online courses) or even video games such as the crypto gaming Sandbox.

Origins of the Metavers Sandbox

In May 2012, the publisher of games for mobile devices Pixowl develop the game “The sandbox”. It is then a game for ios, Android and Microsoft, which allows the player to develop their own video game also called “sandbox mode”.

What is the gameplay? It is especially for the player to conquer natural resources such as water, sand, fauna, human beings … in order to create their own universe. To achieve this, you will need to perform various jobs such as making mud bricks or designing a battery. The player will be able to store the world they have built in a public greenhouse.

What explains the success of the Sandbox project today?

The meteoric rise of the project Sandbox it will come with the shift from video games to crypto games. This transition took place in August 2018 when the company “The Sandbox” was acquired by the structure “ Animoca Brands » to make a blockchain version of the game.

This latest version is being implemented in particular on the Ethereum blockchain via Non-Fungible Tokens (NFT) and a token called “Arena”. Help design and monetize games. Right away, in less than a year, the project raised $ 2.5 million in 2019 and $ 2.01 million a few months later. It then launched its initial token sale at $ 0.0083 per coin in 2020 and raised $ 93 million in funding in November 2021 !

The $ 93 million collection in question

It must be said that this latest fundraiser was driven by “Softbank Vision Fund”. This structure declared that Sandbox constitutes a new economic opportunity due to its open metaverse.

It must be said that this success has allowed the Sandbox project to benefit from quality alliances with the main brands. We can evoke here True Global Ventures, liberty city, Samsung next, Interactive galaxy and Polygon Studios. Furthermore, the company claims to have seen its number of users and trading volume explode in a short period of time. Sandbox trading volume is now in the $ 144 million range.

The company does not intend to stay there, these funds raised will allow it to explore other sectors such as art, music, housing, concerts and fashion. Likewise, they will promote the hiring of new employees and the development of new functions and collaborations. Innovation is already underway through partnerships with stars like the rapper Snoop dogg or the musician Deadmau5.

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Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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