Softbank is the world’s #1 biggest venture capital firm.
And the firm just made a $93 million investment in a new metaverse startup.
It’s sparking a huge move for a little-known cryptocurrency. And early investors are scoring huge gains in just the last month.
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Animoca is a Hong Kong gaming developer that’s building a new metaverse called Sandbox.
It has over 500,000 unique wallets on the platform. And over 12,000 virtual landowners.
The $93 million cash infusion will help the company complete its new world. In July the company raised $139 million from Coinbase (NASDAQ: COIN) Ventures.
The gaming company is valued at over $1 billion.
Sandbox is also a coin that’s used for transactions in this new digital world. And the price is soaring following this deal.
The crypto has jumped as much as 832% since late October!
Even within the last month – the price more than doubled from around $3 to over $7.
The metaverse is expected to generate annual sales of $280 billion by 2025. That’s a 6X increase from last year – when sales totaled $46 billion.
Facebook (NASDAQ: FB) recently was renamed. And it’s now known simply as Meta. And on Dec. 1 the stock will begin trading with the ticker MVRS.
Other major companies are making plans to move their businesses into the metaverse as well.
This includes Shopify (NASDAQ: SHOP) launching an NFT marketplace. Disney (NYSE: DIS) will launch two initiatives to integrate physical, digital and virtual worlds. And Epic Games (private) recently raised $1 billion to fund its new metaverse.
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