Memecoins
Major Metaverse Company The Sandbox Acquires $PEPE, $SHIB, $DOGE and Other Memecoins
Popular Metaverse and Web3 gaming company The Sandbox has announced the purchase of several top meme-inspired cryptocurrencies as it believes that “cultivating creativity is the cornerstone of the Open Metaverse and should be taken time to engage and help grow the Web3 ecosystem for the benefit of those who are part of it. »
According to a recent blog postthe company said 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 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 additional utility” both for its users and for the memecoin community at large.
The Sandbox started 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 mine non-coin tokens. fungibles (NFT) to monetize their game.
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, a user spent nearly $500,000 to secure a virtual plot of land near Snoop Dogg’s digital estate.
Sandbox’s recent $20 million funding round, led by LG Tech Ventures, propelled the unicorn status companyconsolidating its position as a major player in the metaverse landscape.
Featured image via Pixabay.