Metaverse-centric platform The Sandbox has purchased six major memecoins to provide utility to its users and the broader memecoin community. The Sandbox, an open-world online multiplayer game, announced the acquisition of PEPE, SHIB, MEME, DEGEN, DOGE, and BONK on June 18. This move aims to stay aligned with industry trends and support specific communities within the memecoin ecosystem.

“We believe that the culture of creativity is a cornerstone of the open metaverse and take time to engage in and help grow the Web3 ecosystem to benefit those who are a part of it,” stated The Sandbox.

The Sandbox plans to use the purchased memecoins for new initiatives, although specific details and timeframes were not disclosed.

This decision reflects the increasing prominence of memecoins, which have gained significant visibility in recent years. The Sandbox attributes their success largely to endorsements from high-profile individuals.

The announcement follows The Sandbox securing $20 million from Kingsway Capital and Animoca Brands, boosting its valuation to $1 billion. This funding is expected to enhance The Sandbox’s creator economy, expand its decentralized mobile metaverse platform, and improve social features and avatar capabilities.

Stay updated with the latest cryptocurrency news and trends on Global Crypto News.

Post Views: 12