Animoca Brands, the Hong-Kong based digital entertainment startup behind the popular blockchain metaverse platform The Sandbox, raised $358.88 million in January at a valuation of over $5 billion in a funding round led by Liberty City Ventures.
In this episode of The Scoop, CEO of Animoca Brands Robby Yung discusses his company’s growth and shares his philosophy on what it means to build an ‘open’ metaverse platform.
As Yung explained during the interview:
“Our job is very much more like a government from an economics standpoint because we levy what’s akin to a tax on the ecosystem for providing the ecosystem… Our focus is on encouraging economic activity, it doesn’t have to be us selling things to customers, it can be customers selling amongst themselves.”
Whereas web2 game designers rely on a “storefront model” in which users purchase content directly, web3 metaverse projects such as The Sandbox reap revenue from users’ transaction fees generated from in-game in
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