The Sandbox platform offers companies the opportunity to acquire virtual property in the world of the metaverse, securing a prominent presence in the new Internet field “Web 3”, and has so far attracted in this digital world more than 300 brands.
The more than 20,000 own a single property of a total of 1.66.464 in this concise and childlike virtual world that can be accessed without a VR helmet, including companies like AXA, Gucci and HSBC. And “Adidas”, “Carrefour” and “Ubisoft”.
This map contains a limited number of lands, “and this is not the case with all decentralized virtual worlds,” Sandbox co-founder Sebastien Bourget (37) told AFP, adding: “So far we have sold the 70%. “”.
The size of the global market for the sale of virtual lands had already exceeded $ 500 million in 2021 due to competition from other platforms such as “Dynstralland” as well. Sandbox has a 60% market share, according to its co-founder.
But what’s the point of owning virtual property in Metaverse, a network of interconnected virtual spaces advertised as the future of the Internet? It’s “very similar to real estate,” says Sebastien Bourget, “a space in where you can create experiences and then monetize, by selling content or renting that space to other content creators. “
Sandbox was launched in 2011 as a video game, but the platform, founded by two Frenchmen, has moved in the direction of “Web 3” since its acquisition by Animoca Brands in Hong Kong in 2018, becoming an immersive virtual world, in which attendees can through their “Avatar” avatars to chat, play or trade unique NFT pieces and even attend concerts.
In addition to the sale of land, the business of the project provides for the charge of a “commission” of 5% on all transactions and exchanges made through the platform.
Sebastien Bourget explains that “users have their own digital content. Avatars, equipment, land, houses … it’s all theirs.”
Sandbox generated $ 200 million in revenue last year. The associated cryptocurrency Sand, which is mainly used by users to buy clothes for their avatars, has a capitalization value of over 2.5 billion euros.
Sandbox raised $ 93 million in an organized IPO in late 2021 indicates the interest it is generating among investors.
“Space for innovation”
The interest of major brands in Metaverse has taken hold since Facebook announced at the end of 2021 its intention to make this virtual world its new project and to name its parent company Meta.
Bourget predicts that virtually every real-world industry will have a presence in Sandbox, such as culture, fashion, luxury goods, games, or even music.
The secret of this popularity, according to Bourget, lies in the fact that brands “took a long time” to realize the need to ride the wave of web”And for the first time they tend to reserve a place on Web 3 a little earlier to avoid repeating the mistakes of the past.”
Explain that “brands are not about making money in this world, the way to do it is not yet known, and the public still needs a lot of education “about it, but this world is” above all a space for innovation. “
If Metaverse will eventually succeed in attracting the public in overall, the revenue it generates could reach between $ 4,000 and $ 5,000 billion by 2030, the equivalent of the Japanese economy, according to one. studio McKinsey.
Sandbox, which still is in construction, attracted 350,000 visitors when it finally opened to the public last March, according to Bourget, who is looking at a long-term audience similar to that of the video games “Fortnite” and “Roblox,” which is made up of “hundreds of” millions “of users.
“We hope to reach that level in five or ten years “, he concludes.
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