The Sandbox hosted its inaugural Lion City Partner Day event at Marina Bay Sands Singapore on June 27 to recognize its various local and studio partners within its thriving ecosystem, including ONE Championship, Mighty Jaxx Group, and Smobler Studios.
The exhibition featured a range of booths, including Renovi, a marketplace that allows brands to rent space in The Sandbox metaverse. Representatives of Web2 brands were also present, actively seeking potential partnerships and collaborative ventures within the metaverse.
In his opening speech, Sebastien Borget, Co-Founder and COO at The Sandbox, provided insights into the impressive growth of The Sandbox team, consisting of 500 talented individuals across 12 regional offices. Additionally, Borget highlighted their LAND feature that facilitates the monetization and trading of digital assets has amounted to over USD 40 billion in value as of 2022.
A major highlight of the Partner Day event was the unveiling of Lion City, Singapore’s virtual neighborhood in The Sandbox. Lion City represents Singapore’s rich culture across various domains, such as sports, fashion, entertainment, and technology. Consisting of 512 new virtual LANDs, Lion City provides a virtual home for over 30 different global and regional brands and intellectual properties (IPs). This collaboration serves as a unique opportunity for both established Web3 natives and traditional brands to actively engage and participate in the dynamic metaverse of The Sandbox.
“The energy in this room highlights the enthusiasm and understanding that Asia possesses regarding the potential of the Metaverse,” said Borget. “As someone who […] has traveled extensively, I can confidently say that no other region matches Asia’s vibrancy and eagerness to lead in this space.”
Another major development announced during the event was The Sandbox’s objective to grant access to all creators by Q3 2023. “Our goal is to allow any landholder to publish their experiences directly, opening them to the public and engaging their community,” shared Borget. “We expect to announce an exciting lineup of games and experiences for users to explore and enjoy.”
George Wong, Head of Singapore at The Sandbox, provided further insights into the Lion City neighborhood, emphasizing its potential for fostering community building, connecting with fans, and facilitating meaningful collaborations.
“With this project that has been in development for the past nine months, we aim to create a space specifically for Singapore and Singaporean brands,” said Wong. “The upcoming land sale in September will provide opportunities for individuals, creators, artists, and anyone interested in being a part of this exciting venture.”
Two informative panels took place during the event. The first panel, titled “Going Global with IP and The Metaverse,” delved into the potential of the metaverse to go beyond replicating real-world real experiences, and instead push the creative boundaries that can have a positive impact.
The panelists also addressed the challenge of navigating Intellectual Property (IP) rights in the metaverse, acknowledging the complex legalities associated with digital assets in situations like divorce or death. Bidyut Dumra, the Executive Director and Group Head of Innovation at DBS Bank, highlighted these intricate challenges that require attention and resolution.
Nikhil Birla, Vice President (Gaming & Web3) at ONE Championship, also emphasized the importance of developing a robust legal infrastructure in the metaverse. “Establishing the right licenses and addressing creators’ royalties and usage rights is important. Transparency is another aspect that blockchain brings, allowing for more visibility and revenue sharing,” shared Birla. He acknowledged that although challenges persist, the metaverse is experiencing a positive trend toward improved transparency.
The second panel, titled “Building the Open NFT Metaverse”, showcased the panelists’ enthusiasm for the metaverse in Southeast Asia. They emphasized the diverse possibilities it offers for marketing, collaboration, and the promotion of brands and cultures.
Kriskay Choo, the Co-Founder and CSO of CGame, expressed his belief in the competitive advantage that embracing new technologies like the metaverse can provide, particularly for both large and small companies.
“In countries like Singapore with a shorter culture and without strong historical norms, new technologies offer a chance to present ourselves better,” shared Choo. “Embracing the Metaverse allows us to overcome language and cultural barriers and showcase ourselves to the world, which is crucial for building our brands.”
With the launch of Lion City, The Sandbox aims to expand further into the Southeast Asian region and usher in new Web3 opportunities. Having already partnered with over 400 global brands, The Sandbox remains at the forefront of developing the metaverse, leading the way in shaping its future.