The Sandbox Injects IDR 25.3 Billion Of Funds For Metaverse Index Game Agents
JAKARTA – Metaverse development platform, The Sandbox (SAND) is reported to have invested US$1.7 million (equivalent to Rp.25.3 billion) for INDEX GAME, a metaverse agent company.
The plan is that INDEX GAME will use the funds for the development of Metaverse, GameFi, NFT, and Web 3.0. For information, INDEX GAME is a metaverse agency company based in Hong Kong. The agency is led by Becky Wong and Joe Lau.
“Excited to support INDEX GAME with a $1.7 million investment from The Sandbox, to expand the possibilities in the metaverse,” wrote a statement from leading metaverse platform The Sandbox, August 22.
Delighted to support @Indexgamehk with a US$1.7M investment from #TheSandbox, to continuously expand the possibilities in the #metaverse.Read more below on this exciting appointment https://t.co/4YvHsC99SB pic.twitter.com/fuGLRY0H1y
— The Sandbox (@TheSandboxGame) August 22, 2022
INDEX GAME announced the injection of funds from The Sandbox through its official Twitter post. The announcement coincided with the first anniversary of INDEX GAME.
"The Sandbox is now a major shareholder for Index Game," reads INDEX GAME's statement.
The company further said that The Sandbox would reinvest US$6 million in 2023.
“With a total investment of $6 million by 2023, Sandbox will provide exclusive collaboration and a high-quality metaverse ecosystem. Thank you to everyone who joined our press conference,” added INDEX GAME, 22 August 2022.
With this partnership, INDEX GAME became the first agency appointed by The Sandbox to develop wider possibilities regarding the metaverse. This metaverse agency was first founded in 2021. Currently the company has 30 staff.
Within a year, INDEX GAME has grown into a game studio that is lined up as a metaverse agency under the incubation of The Sandbox. Interestingly, this is the first agency in Hong Kong to receive investment from The Sandbox, reported by TheDailyCoin.
As mentioned in the official announcement, the investment could increase to 6 million US dollars by 2023. Furthermore, the investment deal has made exclusive arrangements for IP made during the collaboration.
Entry of Big Companies to Sandbox
While The Sandbox (SAND) itself is a top-tier metaverse platform along with its competitor Decentraland (MANA). A number of top companies have partnered with The Sandbox including: Adidas, Gucci, Standard Chartered, HSBC, and other large companies. While leading artists such as Paris Hilton and Snoop Dogg are rumored to have virtual properties on the platform.
SAND is The Sandbox's native token. Currently, SAND is trading at Rp. 15,550. The price of the SAND cryptocurrency has decreased by 1.9% in the last 24 hours according to data from Coingecko. The decline in SAND prices was affected by the decline in the price of the world's number one cryptocurrency, Bitcoin.