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Virtual Assets Investment Opens Opportunity to H.K. Residents, While Adrian Cheng Invests in Sandbox

As residents in Hong Kong struggle to purchase physical property due to high housing prices, The Sandbox’s virtual assets could be a lucrative investment opportunity for many.

The Hong Kong-based billionaire and property tycoon Adrian Cheng Chi-kong, son of Henry Cheng Kar-shun, has announced his addition of virtual real estate to his portfolio of investments via The Sandbox has led the way for giant investors and the general public to establish a foothold in this new world.

Adrian Cheng, who also is the CEO and executive vice-chairman of New World Development, said:

“I’m excited to enter the metaverse through The Sandbox. Providing platforms for the next generation to be empowered to create, innovate and feel part of something that’s paving the way for the future is critical to progress; The digital world is constantly evolving and we need to stay at the forefront of these changes by continuously exploring and developing the metaverse.”

The Sandbox is a leading decentralised gaming virtual world and subsidiary of Animoca Brands, where users can buy virtual real-estate, called LAND NFTs (non-fungible tokens), in the open metaverse.

Metaverse also become a trending issue recently. It refers to a shared virtual world where users can socialise, play games, live as an avatar and try out the latest fashion from their couch. Users buy these virtual items using cryptocurrency that are backed by NFTs or other digital assets.

In the Sandbox, investors can also buy properties and develop their assets much like in the real world where users can buy their games and items from. The Sandbox has also been fueling the recent growth of virtual real-estate demand having partnered with major IPs and brands.

Speaking through a statement from Cheng’s office, Adrian’s LAND will be one of the biggest plots in The Sandbox. His plot will also form part of the ‘Mega City’ virtual world, which will include Adrian’s Innovation Hub, where successful start-ups that he personally supported from the Greater Bay Area (GBA) in China Guangdong Province, will have a space to sell their products via the GBA Pavilion.

GBA start-ups to be featured in Adrian’s Innovation Hub include Aesir, Casetify, Lalamove, DayDayCook, Prenetics, Raspect, Rice Robotics, Rooftop Republic, Undone and V Cycle.

The statement also said that the GBA Pavilion will inspire and encourage entrepreneurs and the featured companies will offer entertainment, exclusive NFTs and immersive experiences.

Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “Adrian is one of the most influential leaders in business, real estate, arts and culture in Hong Kong and the region, and we are thrilled that he is joining The Sandbox to bring his unique perspective and to help add and shape new transformative experiences to the open metaverse.”

An alternative way to invest in property

Costly housing price has become a challenging issue among the local Hong Kong residents, compared to other major countries and regions worldwide. Although prices slipped 0.4 per cent to 396.3 in September, according to an index by the Rating and Valuation Department, for many residents investing in property is still sky-high. Owning property has been described as a mission impossible. In light of that situation, virtual assets have propped up for many to explore.

In this new opportunity, Hong Kong residents can create immersive 3D worlds and game experiences and safely store, trade, and monetize their creations in The Sandbox Metaverse’s decentralized and intuitive platform.

Currently, around a third of Hong Kong residents have invested in, or used, cryptocurrency as a medium of exchange, the second-highest engagement with the new asset class among developed markets surveyed by credit card company Visa, according to local media South China Morning Post reported.

Sandbox Launches Metaverse Accelerator Program, Offering $50M for 100 Startups

Virtual Metaverse gaming platform Sandbox has launched the Metaverse accelerator program, which will provide 100 startups with $50 million in start-up capital to promote the development of the Metaverse field.

Sandbox, a subsidiary of Animoca Brands, said the plan would invest in about 30 to 40 blockchain startups each year. It will launch in the second quarter of 2022.

Investments will be up to $250,000 per startup. And will give top-performing businesses up to $150,000 in grants from SAND and LAND, digital real estate in the virtual world of The Sandbox, as well as follow-on investments.

The Sandbox Metaverse Accelerator Program, a mid-2021 collaboration between leading global venture capital accelerators Brinc and Animoca Brands, is incorporated into a dedicated track within Launchpad Luna.

The project aims to support startups, helping them to build unique experiences and creating new content to expand the sandbox ecosystem.

The co-founder of The Sandbox and chairman of the Blockchain Gamer Alliance, Sebastien Borget, said:

“The Sandbox’s Metaverse Accelerator is a major expansion of our ongoing commitment to support the next generation of metaverse entrepreneurs. With imagination, ideas and hard work, startups from all over the world can realize their visions and drive social impact by creating more opportunities for everyone.”

Blockchain.News reported on January 19, Animoca Brands, has raised $358.88 million from investors led by Liberty City Ventures.

PCCW, HKT Becomes 1st Hong Kong-based CMT to Join the Metaverse

PCCW and HKT have become the first Hong Kong-based communications, media and technology (CMT) organisations to join the metaverse following a partnership with The Sandbox.

The two companies have purchased virtual land in Mega-City – the Hong Kong-inspired neighbourhood in The Sandbox – and they are set to launch the world’s first virtual 5G mobile network and transform traditional film, TV, and music content into a Web3-enabled entertainment.

PCCW and HKT will also rollout new-age financial and health technologies, and e-commerce solutions to build a virtual “metacommunity”.

The Sandbox, a subsidiary of Animoca Brands, is a platform linked to the Ethereum-based blockchain in which users can purchase and sell play games, and plots of land, and earn digital currency.

Susanna Hui, Acting Group Managing Director of PCCW and Group Managing Director of HKT, said, “we are pleased to partner with The Sandbox to enter the metaverse and explore Web3, where we can seize the boundless opportunities manifesting in different aspects of our daily lives.”

More and more Hong Kong-based enterprises joining the connection with the Sandbox, for instance, a local railway transportation company MTR, banking giant Standard Chartered.

In one of the recent developments, the Emirate’s Virtual Assets Regulatory Authority (VARA), Dubai’s new cryptocurrency regulator, said that it has created a virtual headquarters in The Sandbox metaverse platform.

The Sandbox is also in negotiations with investors as it looks to raise $400 million in a new funding round.

As reported by Bloomberg, citing anonymous sources close to the transactions, the blockchain startup is seeking a $4 billion valuation. The size of the offering and the market worth may change as deliberations continue.

The Sandbox has partnered with major IPs and brands including Warner Music Group, Ubisoft, The Rabbids, Gucci Vault, The Walking Dead, Snoop Dogg, Adidas, Deadmau5, Steve Aoki, Richie Hawtin, The Smurfs, Care Bears, Atari, ZEPETO, CryptoKitties, and more.

The Sandbox Expands Footprints in Hong Kong for Alpha Season 3

Decentralized virtual gaming developer The Sandbox, a subsidiary of Animoca Brands, announced Thursday to roll out its first pop-up atelier in Hong Kong for the upcoming seasonal events.

To facilitate the experience in the Metaverse, the leading virtual real estate developer is actively establishing an online platform for global users.

By offering a virtual land for users to organize different activities, such as holding a virtual music concert, and real estate development, Erich Wong, Head of Growth of the Sandbox, said over 300 brand partners have signed up as partners to join the global community currently, including Warner Music group, Bored Ape Yacht Club (BAYC).

Locally, some Hong Kong-based entrepreneurship or companies have partnered with the Sandbox as well, including rail operator MTR and banking giant HSBC.

Per the Sandbox, 70% of its lands, or over 166,000 units, have been released.

In the coming season, the platform disclosed to provide over 100 events in the next 10 weeks, over 90 kinds of interactive activities for the public to experience. In addition, more than 20 new IPs or brands are expected to join the platform, including Snoop Aoki and Atari.

Per the press release, visitors to the Sandbox Alpha 3 Atelier will be rewarded by registering an account on the platform. The company offered 1,000 SAND tokens to be distributed daily during the promotion period, and participants would be able to win a 1X1 LAND and NFT house as prizes.

“With the opening of The Sandbox Alpha 3 Atelier, we are pleased to welcome an even wider group of users in Hong Kong to explore a truly open metaverse and enjoy a new range of experiences,” said Sébastien Borget, Co-founder and COO of the Sandbox.

At least two local animation design studios and agencies partnered with the project, including PANGU by Kenal and INDEX GAME, which also developed their own virtual gaming associated with the Sandbox.

Last month, Animoca Brands announced the company had completed a capital raise of $75.32 million at a pre-money valuation of $5.9 billion. The new capital would be used to expand strategic fund acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open Metaverse to promote digital property rights for online users.

The company is dedicating using technologies, not just blockchain but also NFTs, to deliver digital ownership of users’ virtual assets and data, enabling various DeFi and GameFi opportunities. The leading platform also intends to promote Play-to-Earn (P2E) model to users associated with its native token- SAND, one of the cryptocurrencies that is vigorously trading and circulating among crypto exchanges.

Through the mechanism of P2E, users could earn SAND tokens and follow up by participating in other trading activities, such as staking or swapping.

Per the data observer Token Unlocks, the Sandbox will unlock over 372 million SAND tokens, or 12.4% of its total supply, on Saturday (Aug 13) at 4:00 p.m. Hong Kong Time. Unlocking tokens worth $500 million include over 83.7 million units from company reserve, 50.4 million units from advisors, 71.25 million units from the team, 40.2 million units from the foundation, but also 24 million units from strategic scale and over 103 million units from seed sale.

SAND was trading at $1.34, up more than 4.6% over the past 24 hours at the time of writing, before falling back to around $1.31 during the intraday.

In response to the rise of the virtual economy, Hong Kong is inevitably necessary to prepare itself despite the regional competition. Borget commented on the tendency. On Wednesday, he attended a virtual online forum and said: “If the whole society has accepted that it’s normal to interact, date, work, learn and earn on these virtual spaces, I feel like we will move into a true digital economy that will overcome the real-world economy,” said Borget, adding that “We will no longer be constrained by the same restrictions of the traditional world. It will bring true inclusiveness and equality.”

Globally, more celebrities intend to get more spotlight from a virtual stage in the Metaverse. According to CNBC, Paris Hilton’s subsidiary- 11:11 Media, announced to sell NFTS and hold virtual parties through the Sandbox.

By launching a land, Paris Hilton will interact with her fans by “planning social and community events, such as rooftop parties and glamorous social experiences in her virtual Malibu mansion”.

The European Commission Announces the Launch of the European Blockchain Regulatory Sandbox

On February 15, the European Commission made the announcement that it will be launching the European Blockchain Regulatory Sandbox. The regulatory sandbox will serve as a forum for discussion around 20 new projects each year until the year 2026.

The sandbox was first announced in the year 2020, and it is now being managed by a number of private companies who were successful in winning bids in the year 2022. The Digital Europe Program will be responsible for providing the funding. Use cases from the public and commercial sectors that include “Blockchain and other Distributed Ledger Technologies” will be considered for the selection of projects, which will be done on a competitive basis by an impartial panel of academic experts.

Applicants from the public sector that have initiatives relating to the European Blockchain Services Infrastructure (EBSI) will be taken into consideration. The European Blockchain Standard Initiative (EBSI) is a pan-European blockchain that is managed by a coalition of EU nations, together with Norway and Lichtenstein.

Participants in the yearly sandbox cohort will be paired with national and European Union regulators in order to get private legal counsel and regulatory assistance. At the same time, regulators will have the chance to become familiar with cutting-edge blockchain technology.

The deadline for applications to participate in the first round of projects is April 14. The projects need to have a proof of concept that has been verified according to the standards, and they need to have a dimension that crosses borders.

The projects that have already been selected for deployment by public authorities will be given precedence. The European Economic Area is where a company’s headquarters should be located (EEA). As long as the EEA-based firm is the one to ultimately benefit from the initiative, these companies are allowed to work in partnership with enterprises headquartered outside of the EEA. Participants should not expect to have any of their costs repaid.

The chosen projects will each be provided with a written legal evaluation, which will be followed by two virtual meetings with the involved regulators. Additionally, applications are being accepted for the EBSI Early Adopters incubator program, which is now in its third cohort.

In the Financial Services Innovation bill that was being introduced in the United States House of Representatives by Patrick McHenry, a comparable sandbox program was suggested. In the next iteration of the United Kingdom’s changes to its financial services industry, a sandbox program of a similar kind may also be included.

Animoca Brands to Focus on Markets Outside U.S. after SEC Labels Sand Cryptocurrency an Unregistered Security

According to a report by South China Morning Post (SCMP), Hong Kong-based blockchain giant, Animoca Brands, has announced its plans to shift its focus to markets outside the U.S. This strategic move comes in the wake of the U.S. Securities and Exchange Commission’s (SEC) decision to label the firm’s Sand cryptocurrency token as an unregistered security, amid recent lawsuits against major crypto exchanges Binance and Coinbase Global.

Sand is the native crypto token used by Animoca’s metaverse platform, The Sandbox. It was among more than a dozen tokens explicitly labeled as securities by the SEC, a list that also includes Solana, Polygon, and Mana – the token used in the Decentraland virtual world. This decision by the SEC has elevated the legal risks for any company involved in selling these tokens.

Despite the regulatory challenges in the U.S., Animoca Brands remains optimistic about its global operations. The company’s co-founder and chairman, Yat Siu, commented in an email, “Animoca Brands is not focused on a single territory but operates globally. The SEC focuses on the U.S., so that should not have an impact on Animoca Brands in broader markets where Sand is widely available and accepted, including in more progressive jurisdictions like Hong Kong and Japan.”

Siu also disclosed that Animoca has already initiated measures to emphasize more on other markets in response to the recent “blockchain-hostile” approach observed in the U.S. This strategic shift represents Animoca’s adaptive response to the evolving regulatory landscape and is reflective of a broader industry trend towards seeking more cryptocurrency-friendly jurisdictions.

European Regulatory Blockchain Sandbox Welcomes Its First 20 Projects

On July 3rd, Europe’s blockchain regulatory sandbox officially introduced its inaugural set of use cases. This milestone follows a period of eager anticipation in the industry, culminating from nearly 90 applications submitted back in April. Initiated in 2020 by the European Commission and the European Blockchain Partnership (EBP), the sandbox is set to close the regulatory gap between European nations and crypto companies.

The Commission has accepted 20 projects for the first cohort, with participants hailing from diverse sectors such as finance and capital markets, telecoms and IT, global trade, and transportation. The projects have a broad geographic representation across Europe, with the highest number of 14 use cases in Western Europe, followed by Southern Europe with 10 projects, the Nordics and Central Europe with eight projects each, and Eastern Europe with seven.

The sandbox, facilitated by UK-based law firm Bird & Bird, is designed to create a secure platform for dialogue between regulators, crypto projects, and public authorities. Use case developers will have the opportunity to present their business case to regulators and receive legal guidance, fostering a mutually beneficial relationship between these entities.

Apart from its role as a facilitator, Bird & Bird will also assist in setting up a safe interface for developers and regulators, providing necessary legal advice and regulatory guidance to projects.

The European Commission emphasized that the sandbox would “allow supervisors to enhance their knowledge of cutting-edge technologies involving DLT.” The insights gained from this interaction will be shared among regulators, aiding the Commission in identifying industry best practices.

This regulatory sandbox is designed to function in tandem with other initiatives, notably the EU Digital Finance Platform and the AI Sandboxes under the AI Act. The Commission stressed that integrating these frameworks is vital due to the increasing intersection of innovative technologies across various industry sectors.

The sandbox’s inaugural application period, which ended on April 14, was open to blockchain projects that had a valid proof of concept and cross-border elements. The European Blockchain Regulatory Sandbox will continue to welcome new projects annually until 2026.

As per the official press release, the Sandbox project team witnessed significant interest from the European and international blockchain community, thereby solidifying its status as a bridge builder between regulators and use-case owners.

The selection process was led by blockchain experts from WBNoDE, under the careful supervision of an independent academic panel, including Professors Roman Beck, Soulla Louca, and Walter Blocher. The selected projects are set to enter a dialogue with relevant national and EU regulators in a secure and confidential environment, after which a best practices report will be shared for the wider Blockchain community’s benefit.

The European Blockchain Regulatory Sandbox aims to facilitate cross-border dialogues, increase legal certainty for innovative blockchain solutions, and enhance knowledge of DLT technologies among supervisors. Furthermore, it offers an annual prize for the most innovative regulator participating in the sandbox.

The Sandbox, supported by the Digital Europe Programme and SME strategy, will operate from 2023 to 2026, supporting 20 projects each year, including public sector use cases on the European Blockchain Services Infrastructure.

McDonald's Hong Kong Partners with Sandbox to Launch First Metaverse Experience, McNuggets Land

McDonald’s Hong Kong has teamed up with The Sandbox, a decentralized virtual gaming platform owned by Animoca Brands, to create the first Web3 experience platform. This partnership has resulted in the launch of “McNuggets Land”, a unique metaverse gaming experience that marks the 40th anniversary of McNuggets.

Users of the game, which went live on July 20, 2023, may communicate with a variety of McNuggets-inspired game characters. Users can share their in-game experiences on social media platforms.

The game also includes a virtual art gallery where users can explore the 40-year history of McNuggets, and a virtual McDonald’s themed game where they can serve McNuggets to customers.

Participants in the McNuggets Land experience stand a chance to win a variety of digital and physical rewards. These include a share of a prize pool worth 100,000 SAND coins and a mystery gift box. Registered participants in Hong Kong can also share 10,000 McNuggets vouchers, with ten winners standing a chance to win the ultimate prize of “Free McNuggets for 365 days”.

The Sandbox platform, which is preparing to accelerate its development in 2023, has attracted over 400 partners, including major brands like Warner Music Group, Ubisoft, and Adidas. The platform aims to provide more self-publishing features and tools for brand partners and users.

Since 1975, McDonald’s has operated in Hong Kong, where it presently has over 250 outlets.

The Sandbox, on the other hand, is a subsidiary of Animoca Brands and has collaborated with numerous mainstream intellectual properties and brands. It has emerged as a significant driver of virtual real estate demand in recent years.

This partnership between a global fast-food giant and a leading metaverse platform highlights the growing trend of traditional businesses exploring the potential of the metaverse to engage with their customers in innovative ways.

The Sandbox Q2 2023 Report: 59% Increase in NFT Mints, 52% Rise in Primary Sales, 15% Fall in Revenue in Q2

The Sandbox, a leading gaming metaverse, posted a mixed performance in the second quarter of 2023, according to a report released by Messari. The platform saw a robust 59% QoQ increase in NFT mints, primary sales were up 52% QoQ, and active buyers grew 22% QoQ. However, total revenue fell 15% QoQ, despite a 30% increase in non-LAND primary sale volume and an 18% rise in ESTATE volume.

The SEC’s lawsuits against Coinbase and Binance, where SAND was classified as a security, could herald a new era of crypto regulation in the U.S. A recent court ruling on XRP adds complexity to the regulatory scenario.

The Sandbox announced collaborations with brands like Paris Hilton, Warner Music, and others. The roadmap includes new features such as self-publishing experiences by the end of Q3 2023 and the ability to create and rent ESTATEs in Q4 2023.

Daily SAND staked grew 5% QoQ, but fell as a percentage of the circulating supply by 2% QoQ. SAND’s fully diluted valuation hovered between $2.1 billion and $1.1 billion, ending the quarter at $1.22 billion.

Despite facing a tough quarter marked by a fall in revenue, staking rewards, and SAND price, The Sandbox continued to facilitate new partnerships and grow in key areas. The platform faces regulatory uncertainty but is positioned for potential growth.

The Sandbox is a gaming metaverse where players and creators can monetize 3D assets and experiences via NFTs. Initially launched as a 2D mobile game in 2012, it rebranded as a 3D metaverse game in 2018.

$SAND Price May Plunge with 127 Million Transferred from The Sandbox Wallets

On August 4, 2023, Lookonchain, a Twitter account specializing in tracking on-chain cryptocurrency data, announced a substantial transfer involving The Sandbox’s ($SAND) tokens. The tweet stated, “We noticed that 127M $SAND ($51.32M) was transferred from #TheSandbox wallets 6 hrs ago.”

In addition, Lookonchain cited information from Token Unlocks, revealing, “According to @Token_Unlocks, 332.55M $SAND ($134.4M) will be unlocked after 10 days, 16.16% of the circulating supply.”

Earlier, on June 5, The Securities and Exchange Commission (SEC) charged Binance, naming SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as securities in the filing. This announcement led to a significant market reaction, with the $SAND price reaching its peak of 0.6151 on June 5, before plummeting to a low of 0.331 on June 10—a 50% decline within just six days.

On July 14, 2023, Spot On Chain drew attention to a resurgence in $SAND and $MATIC, highlighting that both were “up 10%+ over the past 24 hours after the US judge ruled $XRP is not a security! Amid the pumps, we noticed: The Sandbox may reduce their $SAND position soon. KOL @degentradingLSD took profit from a $MATIC deal he accumulated before the pump.” The $SAND price reached 0.4862 that day, marking the highest level in recent days. However, since then, the price has been on a continuous downward trend.

At the time of writing, the $SAND price stands at approximately 0.4, reflecting a 20% decrease from the recent high. The latest transfer of 127 million $SAND is significant and may exert considerable pressure on the $SAND price, adding further complexity to the market dynamics surrounding this cryptocurrency.