Square Enix, one of the largest video game publishers on the market, has invested a significant amount into “The Sandbox” gaming platform, according to a press release.
Apparently, this investment was made in 2019 and totaled $2.01 million in cash from Square Enix, True Global Ventures, and B Cryptos.
Interestingly, however, is that while 83% of the investment was made in cash, 17% of it was made in Bitcoin and Tether. This is to support the issuing of SAND utility tokens in a upcoming, blockchain-based edition of The Sandbox game.
This blockchain-edition of the title is being built on the Ethereum blockchain, and has even been named one of the top 10 most anticipated blockchain-based games out there, according to BlockchainGamer.biz.
According to the publication, this announcement was kept a secret until now due to security reasons brought up by the Australian stock exchange which the transfer was made on.
“Animoca Brands intends to capitalise on the popularity of user generated content (UGC) gaming by giving players the benefits of true digital ownership over their creations in the form of non-fungible tokens (NFTs), allowing players to trade or sell NFTs without restrictions. NFTs are virtual tokens for digital scarcity, security and authenticity, and in The Sandbox they represent objects, items, and real estate in the game world,” the release notes.