Metaverse-Focused Altcoin Announces $1 Billion Valuation: There is an Increase in Price!

Metaverse-focused cryptocurrency project The Sandbox (SAND) announced new valuation numbers.

The Sandbox announced that it has raised $20 million at a $1 billion valuation. The company's expectation 2 years ago was 4 billion dollars.

Valuation has dropped from $4 billion to $1 billion since 2022. Following the announcement of the funding round, SAND rose 4.5%.

Kingsway Capital and Animoca Brands led the funding round from LG Tech Ventures and True Global Ventures.

Making a statement on the subject, Yat Siu, co-founder of Animoca Brands, suggested that the metaverse could add $5 trillion to the global economy by 2030:

McKinsey estimates that the metaverse could add $5 trillion to the global economy by 2030. Today, games like Minecraft and Roblox are some of the most popular games in the world, but they do not provide digital property rights to their users. The Sandbox represents the evolution of UGC gaming in the age of digital ownership.

SAND price started to rise

According to CoinGecko data, Sandbox's native token SAND showed a 4.5% upward performance after the announcement of the funding round. SAND price climbed from $0.46 to $0.49 due to the news. SAND, which experienced a small retreat after the rise, is traded at $ 0.47 at the time of writing.

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