Memecoins
The Sandbox buys PEPE, SHIB, BONK memecoins to support “their specific communities”
Metaverse-centric platform The Sandbox has purchased six “major memecoins” in an effort to provide utility to its own users and the broader memecoin collective.
The sandboxan open-world online multiplayer game, announced the purchase of six memecoinsincluding PEPE and DOGE, with the aim of demonstrating its commitment to “staying on top of industry trends”.
In an environment announcement on June 18, The Sandbox announced that it had acquired PEPE, SHIB, EVEN, DEGEN, DOGEAnd BONK to support “their specific communities” and provide utility to “both our users and the broader memecoin collective.”
“We believe that cultivating creativity is the cornerstone of the open metaverse and are taking the time to engage and contribute to the growth of the Web3 ecosystem for the benefit of those within it.”
The sandbox
The decision to purchase memecoins reflects their growing importance, The Sandbox explains, adding that memecoins have gained “significant visibility in recent years” and attributing their success “largely to the support of high-profile individuals.”
Although the amount of the deal was not disclosed, The Sandbox announced its intention to use the purchased memecoins for its new initiatives, although the timeline was not provided. Crypto.news has contacted The Sandbox for comment and we will update the article if we receive a response.
The purchase comes just weeks after The Sandbox secured $20 million from Kingsway Capital and Animoca Brands, bringing its valuation to $1 billion. Like crypto.news reportedThe funding is expected to support The Sandbox’s initiatives to boost its creator economy, expand its decentralized mobile metaverse platform, and improve social features and avatar capabilities.