Animoca Brands Subsidiary Raises US$2.5 million in SAND Utility Tokens

Animoca Brands (ASX:AB1), gaming company based in Australia announced that its subsidiary, TSB Gaming raised US$2.5 million in utility token sales for The Sandbox, its blockchain game. The funding was led by South Korea-based fund Hashed, which also has offices in San Fransisco. The Sandbox has over one million users and 40 million downloads.

As quoted in the press release:

As an open user-generated content platform, The Sandbox allows curation to scale with community, rewarding SAND owners with a community role and a potential revenue stream. Creators can be penalized if they don’t respect the rules set by the community and creators can post ideas to be developed and receive funding for development from the community via SAND tokens. Artists can be paid by creators to produce voxel models required by them. Furthermore, users can vote on the theme of an upcoming creation contest or sale event, or on the next software features.

“Hashed considers crypto games to be one of the best testing grounds for experiencing the virtual world that blockchain will bring to us,” said Ethan Kim, Partner of Hashed who is leading Hashed Labs. “We expect real-world economic activities based on blockchain to come true when the value derived from the virtual world can be distributed and maximized under decentralized protocols. In the same vein, Hashed believes The Sandbox, where users can monetize their experience through User Generated Contents (UGC), can be one of the leaders realizing and pioneering this virtual world. With its first onset, Hashed aims to contribute to the soft landing of The Sandbox to the Asian market, along with building up a strong community full of talented developers, designers, and users.”

Click here to read the full press release.