The user-generated content metaverse platform The Sandbox raised $20 million in funding at a valuation of $1 billion, led by Animoca Brands

ChainCatcher news, according to VentureBeat, the user-generated content metaverse platform The Sandbox has raised $20 million through convertible debt financing, with a valuation of $1 billion. This financing was led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures.

It is reported that noteholders can convert their notes into equity of Bacasable Global Limited on the same terms as existing preferred stock.

Additionally, the Web3 asset data platform RootData shows that The Sandbox is a decentralized, community-driven gaming ecosystem where creators can share voxel assets and gaming experiences on Ethereum and monetize them.