Popular metaverse and Web3 gaming firm The Sandbox has announced the purchase of several leading meme-inspired cryptocurrencies as it believes “that culture of creativity is a cornerstone of the open metaverse and take time to engage in and help grow the Web3 ecosystem to benefit those who are a part of it.”
According to a recent blog post, the firm noted that it now holds $PEPE, $SHIB, $MEME, $DOGE, $BONK, and $DEGEN, hoping that the purchase of these cryptocurrencies “will help support their specific communities” and increase its presence in Web3 culture while providing users with utility.
The Sandbox provided specific details on the cryptocurrencies it’s currently holding and noted that in the future it plans on use these memecoins to “launch engaging initiatives that create additional utility” for both its users and the broader memecoin community.
The Sandbox began its journey in 2011 as a mobile game developer. Recognizing the potential of crypto and after becoming a subsidiary of Animoca Brands, the company pivoted in 2020, raising funds to establish an Ethereum-based gaming world in a virtual environment that allows users to leverage non-fungible tokens (NFTs) to monetize their gameplay.
The Sandbox rose to prominence during the 2021 NFT boom, attracting high-profile users like Snoop Dogg, who built a virtual community, the Snoopverse, within the metaverse. Last year, a user spent nearly $500,000 to secure virtual land near Snoop Dogg’s digital domain.
The Sandbox’s recent $20 million funding round, led by LG Tech Ventures, propelled the company to unicorn status, solidifying its position as a major player in the metaverse landscape.
Featured image via Pixabay.
