Metaverse-centric platform The Sandbox purchased six “major memecoins” in an effort to provide utility to its own users and the wider memecoin collective.
The Sandbox, an open-world online multiplayer game, has announced the purchase of six memecoins, including PEPE and DOGE in a bid to demonstrate its commitment to “staying on top of industry trends.”
In a Medium announcement on Jun. 18, The Sandbox says it has acquired PEPE, SHIB, MEME, DEGEN, DOGE, and BONK to support “their specific communities” and provide utility to “both our users and the wider memecoin collective.”
“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.”
The Sandbox
The decision to buy memecoins reflects their increasing prominence, The Sandbox says, adding that memecoins have gained “significant visibility in recent years,” and attributing their success “largely due to endorsements from high-profile individuals.”
While the sum of the deal wasn’t disclosed, The Sandbox says it plans to use the purchased memecoins for its new initiatives, though the timeframe wasn’t provided. Crypto.news reached out to The Sandbox for comments and we’ll update the article should we hear back.
The purchase comes just a few weeks after The Sandbox secured $20 million from Kingsway Capital and Animoca Brands, boosting its valuation to $1 billion. As crypto.news reported, the funding is anticipated to bolster The Sandbox’s initiatives aimed at boosting its creator economy, expanding its decentralized mobile metaverse platform, and enhancing social features and avatar capabilities.
