Tag: the sandbox

Metaverse Platform ‘The Sandbox’ Said to Double Down on India-Related Initiatives: Details

The Sandbox, a metaverse platform based in Hong Kong, has put its India expansion plan at the top of its priorities. In the next two years, The Sandbox is looking to make India its largest market. Despite having crypto and NFTs as elements of its operational ecosystem, the metaverse platform has shown confidence that it would see growth in India. Currently, the Web3 industry is largely unregulated in the country and the government has maintained a strict stance against letting Indians engage deeply with the volatile sector.

The Sandbox is an entity of venture capital giant Animoca Brands. It first entered India this year and established its Indian entity called the BharatBox. The Sandbox teamed up with global venture accelerator Brinc to create BharatBox, that envelops cultural elements of the country such as Bollywood.

“We are ready to engage with and help regulators to discuss the space,” media reports quoted The Sandbox co-founder Sebastien Borget as saying. A complete list of laws for Web3 firms to ab ide by in India are expected to arrive by mid-2025.

In the last few months, BharatBox has forged partnerships with three media mammoths in India — Eros Entertainment, Hungama, and Shemaroo. As per CoinDesk, BharatBox has struck a total of 25 deals this year.

To process crypto trading and transactions within its ecosystem in India, The Sandbox has already stepped into a partnership with the Okto Web3 wallet.

The metaverse market is expected to reportedly reach $800 billion (roughly Rs. 59,58,700 crore) by 2024.

“We want to build a diverse and inclusive world with no borders, bringing different regions of the world together, and with that vision in mind, a year ago, we started out in India to establish a joint venture,” Borget noted.

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British Museum Steps into Metaverse, Partners With The Sandbox: All Details

The British Museum, based in London, is ready to step into the world of metaverse. The home of Britain’s history since the mid-eighteenth century will now have an address in The Sandbox, a platform that provides a fully functional virtual universe that lets entities exist as avatars. The entry of this historic British landmark into the metaverse is just another testification to UK’s open-mindedness about Web3. The UK, in recent months, has shown a steadfast approach towards embracing the up-and-coming Web3 sector that encompasses projects related to crypto, NFTs, and the metaverse.

As part of this collaboration, NFTs inspired by some artifacts showcased in the museum will be launched for collectors to own as a piece of history in detailed digital versions.

The Sandbox confirmed the development on July 28, saying that people from around the world will be able to visit this historic museum in a virtually immersive experience.

“The British Museum has chosen The Sandbox for its first foray into the metaverse. In conjunction with LaCollection, the British Museum’s licensing partner, the collaboration focuses on developing digital collectibles and experiences showcasing the museum’s history,” said a blog post published by The Sandbox.

Sales of NFTs rose by a massive 117 percent in February 2023. Around March, the valuation of the global NFT market climbed to its nine-month high since June last year to over $2 billion (roughly Rs. 17,200 crore).

Despite its element of volatility, NFTs have managed to hold people’s interest in them.

NFTs hold quotients of utility and investment purpose, which are the top reasons why people invest in purchasing these digital collectibles.

A recent research study conducted by CoinGecko and the Blockchain Research Lab had condensed reasons that inspire the sales and purchases of NFTs. These included the intrigue to experiment with the new technology, gaining a stake in the NFT parent company, or promoting social welfare and contributing to charities.

Both, the museum as well as The Sandbox ecosystem, can profit financially from this partnership while also opening the museum experience to international audiences.

“This is a great opportunity for The Sandbox players, regardless of where they are, to learn about and enjoy the amazing collections of human history, art, and culture in the British Museum,” The Sandbox team noted.

Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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The Sandbox Alerts Community of Security Breach, Warns Users Against Interacting With Suspicious Emails: All Details

The Sandbox, a popular metaverse firm, has warned community members of a security breach. As per its most recent blog post, the platform has revealed that an unauthorised third part has managed to bypass its security measures and may have gathered details of its users. The Sandbox community has been warned against interacting with any suspicious email, which may allow attackers to access and steal their digital assets. This incident marks the first major breach reported by the Web3 sector in 2023.

The malicious email, that may have reached the email inboxes of members of The Sandbox community, is titled ‘The Sandbox Game (PURELAND) Access’. The mail contains links to malware that is capable of installing itself secretly on the hardware of unsuspecting users and accessing their information.

“An unauthorised third party had gained access to the computer of an employee of The Sandbox. This enabled the third party to access a number of email addresses to which it then sent an email,” the official blog post states

The Web3 game ecosystem provider detected the breach at the end of last month. It is now reaching out to users who may have received the malicious phishing email. These people have been instructed to not open, play, or download anything from the links they have received in the email.

“We have blocked the employee’s accounts and access to The Sandbox, reformatted the employee’s laptop, and reset all related passwords including requiring two-factor authentication. We have not identified any further impacts. However, we are working to monitor the situation,” the blog added.

The Sandbox has asked its community members to run a trusted antivirus as well as reformat affected systems. Animoca Brands, a Hong Kong-based game software firm, purchased the mobile game firm called The Sandbox in 2018. Animoca later revamped the platform with the metaverse twist.

In recent times, The Sandbox metaverse has emerged as a hotspot for several brands looking to establish themselves in the metaverse. Last June, NYC’s iconic Times Square announced its address in the metaverse.

Standard Charted Bank, Dubai’s virtual assets regulator, Mastercard, and HSBC Bank have also created their virtual spaces in The Sandbox metaverse.

Following its success, Animoca has decided to invest more in the sector and participate in the expansion and adoption of the metaverse technology. In December, Animoca Brands revealed its plan to unveil a mega-fund of $2 billion (roughly Rs. 16,260 crore), dedicated to the metaverse business.

After facing headwinds in India last year, Xiaomi is all set to take on the competition in 2023. What are the company’s plans for its wide product portfolio and its Make in India commitment in the country? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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