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Hong Kong-based metaverse platform The Sandbox has announced partnerships with two higher education institutions, the Hong Kong University of Science and Technology (HKUST) and the Hong Kong Design Institute (HKDI).
The partnerships were confirmed by Sebastien Borget, the company’s chief operating officer, during an event in Quarry Bay on Monday.
Virtual Education
The Sandbox’s latest Mega City, named Mega City 3, is set to launch at the end of this month with a focus on education. Both universities have signed memorandums of understanding with The Sandbox, allowing them to use new land purchased in the virtual space to educate people about the metaverse.
The Sandbox has teamed up with HKUST and HKDI to provide digital graduation ceremonies, scientific programs, and gaming events. In addition, the platform will host seminars and workshops for students at each institution.
Borget emphasized the significance of the partnership with these educational institutions, citing Hong Kong’s progressive stance compared to other regions around the world.
The Expansion Plan of The Sandbox
The new partnerships come ahead of The Sandbox’s plan to open up its platform in the third quarter of the year, allowing anyone to participate in any experience at any time. The company had limited gameplay to “seasons” so far, with three having concluded as it improved its technology.
Despite the declining cryptocurrency and non-fungible token (NFT) values over the past year, The Sandbox remains the leading virtual land platform globally!
The company has more than 23,500 landowners, 4.6 million accounts, and over 400 partners worldwide. However, the floor price of the company’s Land NFTs has declined 84% to around 0.62 Ether (US$1,130) from its peak of 3.9 Ether in February 2022, according to CoinGecko.
Future Expansion and Revenue Plans of The Sandbox
Borget emphasized that The Sandbox has more than 450 employees working across nine locations worldwide, but he did not discuss the company’s expansion plans for the year. However, he stated that the company needs even more engineers and aims to remain efficient while focusing on the tech side.
Last year, The Sandbox earned revenue of around US$100 million to US$200 million through the sale of primary land. However, the company is gearing up for a future where it won’t be solely dependent on land sales for funding.
By 2026, the company aims to sell all its virtual land and sustain itself through the profits generated by the cut it receives from secondary land sales and user-generated content.
Final Words
The Sandbox’s partnerships with HKUST and HKDI mark a significant milestone in the company’s expansion plans, particularly as it prepares for the launch of Mega City 3.
As the metaverse industry continues to grow, The Sandbox is positioning itself as a significant player with its concrete utility and partnerships with major brands and institutions.
