Forbes announced yesterday the official opening of a building in The Sandbox, a decentralized metaverse built on Ethereum owned by Animoca Brands. The publication indicates that this move, besides marking Forbes’ deepest immersion into the Web3 space, solidifies its belief in the transformative potential of the metaverse. The magazine states that virtual property in The Sandbox will foster interaction, engagement, and collaboration among members of the Forbes Web3 community.
Forbes aims to offer workshops and interactive events to bring minds from various sectors together. The virtual estate includes a luxurious pool, an elegant bar, and a spacious gallery dedicated to celebrating winners of its famous list: the 2024 Sub 30. Taha Ahmed, Forbes’ growth director, stated that by establishing a permanent presence in the metaverse, they are opening new avenues for the community to connect, learn, and grow together in ways that were previously unimaginable. The entry into The Sandbox metaverse is a testament to Forbes’ commitment to embracing the forefront of technological innovation.
Prior to Forbes, Time magazine announced in June 2022 the opening of a cultural center in The Sandbox, based on the NFT community built around TIMEPieces. The center, named TIME Square, was intended for meetings, art, and commerce. The Sandbox also welcomed South Korean TV network MBC to its virtual facilities, with the announcement made in September 2022. MBC reported that it would reproduce its production studio and other spaces of interest in the virtual lands.
Despite Forbes’ announcement, the price of SAND fell by 2.78% in the last 24 hours, currently trading at $0.50. The SAND token reached its highest price in November 2021, surpassing $7. The value of SAND surged after the company raised $93 million in funding led by SoftBank Vision Fund. The fund, linked to SoftBank Group, is one of the world’s largest and marked its first investment in crypto assets.
Throughout its existence, The Sandbox metaverse has formed numerous partnerships with well-known individuals or companies. In June 2022, skateboarding legend Tony Hawk announced he would build a skatepark in The Sandbox. Former Argentine footballer Kun Agüero announced the creation of his own metaverse called Kuniverse. In July 2023, McDonald’s celebrated the 40th anniversary of Chicken McNuggets with the opening of McNuggets Land. In August 2023, Singaporean bank DBS also brought its advertising campaigns to The Sandbox metaverse.
Forbes explains that the integration of QR codes distributed throughout its facilities in The Sandbox is an example of the brand’s commitment to gamification to enhance user engagement.