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