TSB Gaming Receives $2M from Square Enix, True Global Ventures, B Cryptos

TSB Gaming Receives $2M from Square Enix, True Global Ventures, B Cryptos

The Sandbox (TSB) announced that, the third quarter of 2019 had been a particularly successful one for the game, according to a press release by TSB Gaming’s parent company Animoca Brands.

Between July and September 2019 TSB Gaming raised US$2.01 million, consisting of 83% in cash and 17% in Bitcoin and Tether cryptocurrency at the time of the transaction, through the issue of “SAND” utility tokens and simple agreement for future equity (SAFE) convertible securities. SAND will be utilised in the upcoming blockchain version of The Sandbox user generated content game platform (the “Game”).

The investment was made by Square Enix Co., Ltd. (“Square Enix”), B Cryptos Inc. (“B Cryptos”), Mindfulness Venture Fund I, L.P. (“Mindfulness Capital”), and True Global Ventures 4 Plus Fund GP (“TGV”), among others (the “Investors”).

Sebastien Borget, COO of Pixowl and of TSB Gaming, said:

“The Sandbox is a pioneer in the space of blockchain gaming, NFTs, and true digital ownership, and we are thrilled to have Square Enix with us as a strategic investor, supporting our ambitious vision of building the Metaverse where Creators can make games on their LANDs and trade ASSETS on our marketplace in a totally decentralized manner.”

Investors Include Big Names

Borget said big news for the platform is the involvement of a major game developer like Square Enix.

Square Enix itself has in fact recognized the potential of blockchain in gaming. In a letter from a new year, Yosuke Matsuda, president of the firm, said the technology will become a key growth factor for Square Enix in the future:

“Meanwhile, games using blockchain are no longer in their infancy and are gradually coming to represent a more significant presence. Rather than treating blockchain gaming as an opportunity for speculative investment, we believe establishing whether it is capable of bringing something new to our customers’ gaming experiences will be the key to growth.”

Square Enix developed major hits in the gaming industry such as the latest addition in the Tomb Raider series and the long-awaited remake of Final Fantasy VII that is slated for release in April.

TSB is a virtual world built on the blockchain of the Ethereum to allow players to create, own and monetize their own voxel gaming experiences.

As the namesake suggests it is possible to use SAND tokens in the game. They can be bought by players and creators, earned through gameplay and exchanged with Ether (ETH).

Successful Presales of Virtual Spaces of the Game

The game of mobile creation had over 40 million downloads and brought in more than 1,300 ETH during the first and second presales of virtual spaces of the game, called LAND. The third presale, starting on March 31, is expected to do similarly well in the second half of 2020, before the game launches.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.