The metaverse continues to be the next attraction point of crypto for investors, with The Sandbox, an Animoca Brands subsidiary and nonfungible token (NFT) metaverse platform, raising fresh capital in a funding round led by SoftBank Vision Fund 2.
Marking SoftBank Vision Fund 2’s first investment into the crypto assets, The Sandbox’s Series B round saw $93 million raised with the participation of Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios and Samsung Next, among others.
According to the announcement, The Sandbox aims to speed up the growth of its open metaverse with games, live performances and social experiences while “supporting more creators and involving more brands and intellectual properties.”
The game enables players to monetize their time spent in the metaverse in different ways, also known as the play-to-earn model. It creates a circular economy where the resources collected by one category of players are sold and purchased by another category of player or creator, the announcement reads.
As an NFT-based open metaverse, The Sandbox is known for its partnerships with over 165 brands — including Snoop Dogg, The Walking Dead, The Smurfs, Care Bears, Atari and CryptoKitties — “to create voxelized versions of their worlds and characters on the platform.“ Binance, Bored Ape Yacht Club, Socios, the Winklevoss twins and CoinMarketCap bought digital land in the metaverse of The Sandbox.
The Sandbox CEO and co-founder Arthur Madrid shared the team’s plans to expand into fashion, architecture, virtual concerts and shows, art galleries, and museums. “We are developing an entire ecosystem that opens new digital job opportunities for players and creators in our open NFT metaverse,” he added.
Former Secretary of State Hilary Clinton has said that cryptocurrency markets need stronger regulations to protect against technological manipulation by Russia, China, and others.
Her comments on cryptocurrency were part of a larger segment in a Nov. 24 interview with MSNBC TV news host Rachel Maddow on the manipulation of social media platforms by certain nations.
Clinton’s warning extended to “technology of all kinds” which she said states and non-state entities could use to destabilize countries and the dollar as the reserve currency of the world. She said, “There’s one other thing that’s on the horizon which people are only beginning to pay attention to, and that’s the need to regulate the cryptocurrency market.”
“Imagine the combination of social media, the amassing of even larger sums of money through the control of certain cryptocurrency chains,” she said.
“We’re looking at not only states such as China, Russia, or others manipulating technology of all kinds to their advantage. We’re looking at non-state actors, either in concert with states or on their own destabilizing countries, destabilizing the dollar as the reserve currency.”
A particular focus she had was on how social media platforms, which have been used to influence elections through disinformation, could be combined with the cryptocurrency markets in a way to help state and non-state actors destabilize other countries. Although she didn't go into detail, potential ways this might occur could be via manipulating markets, manufacturing hype, or even engineering a financial crash through social media troll farms.
Crypto wallet provider BRD said “nothing will change” for users following an acquisition from major U.S. crypto exchange Coinbase.
In a Wednesday letter to BRD users, CEO Adam Traidman and co-founder Aaron Voisine said some of the company’s team members would be moving to Coinbase to continue working on crypto wallets. Coinbase Wallet said on Twitter that the addition of the BRD team would “help accelerate web3 adoption” as well as provide “deep expertise in self-custody.”
“Nothing will change in the BRD wallet app and as always, your funds are safe and secure,” said the BRD execs. “In the future, BRD wallet users will have an optional migration path to self custody with Coinbase Wallet.”
Formerly known as Breadwallet, BRD is behind the utility token Bread (BRD). According to data from CoinMarketCap, the token price surged more than 500% within two hours of news of the Coinbase acquisition breaking, increasing from roughly $0.16 to $1.01.
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