The Sandbox, the company behind the gaming sandbox platform with the same title, is seeking to raise as much as $400 million in a new funding round that would bring the company's valuation to $4 billion, Bloomberg reports, citing people familiar with the matter.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
According to reports, Animoca Brands is also listed as potential investor. The details of the funding are still unclear as talks are still in progress, sources added. The funding comes after the platform that sells virtual lend on the Ethereum blockchain, made a series of partnerships with Italian fashion brand Gucci and British investment bank HSBC.
Gucci said it plans to continue to grow its presence in the metaverse by creating an immersive consumer experience in The Sandbox, while HSBC plans to build on its virtual land products for eSports and gaming enthusiasts.
Meanwhile, Epic Games wants to build its own version of the metaverse with LEGO as the company raised $2 billion in funding from Sony Group Corporation and KIRKBI, the family-owned holding and investment company behind The LEGO Group.
The company said the proceeds will help it to create "new social entertainment exploring the connection between digital and physical worlds." Søren Thorup Sørensen, CEO of KIRKBI, added that the investment reflects the firm's vision focused on trends that will impact the "future world that we and our children will live in."
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange