In a significant development, India has emerged as the top content creator on the popular Metaverse platform, The Sandbox, surpassing the United States and Brazil. According to Sebastien Borget, co-founder of The Sandbox, India now boasts over 66,000 content creators, compared to 59,989 in the US and 25,335 in Brazil.
Strategic Focus on India Pays Off
India’s rise in content creation follows The Sandbox’s strategic focus on the Indian market, a move announced in December 2023. Since then, the platform’s user base in India has doubled to 350,000, with ambitions to hit one million users within the next two years.
Borget credits this rapid growth to various boot camps and educational programs run directly by The Sandbox or through its joint venture in India, BharatBox. Collaborations with local entities like the cryptocurrency exchange CoinDCX have also played a crucial role.
Is Further Investment Necessary?
BharatBox, initially launched with $1 million in funding, is set to receive an additional $200,000 by the fourth quarter of this year. Despite The Sandbox raising $20 million with a $1 billion valuation in early 2024, Borget believes that further investment in India isn’t necessary as the initiative is designed to be self-sufficient and revenue-generating.
Concrete Benefits for Users
- India has over 66,000 content creators on The Sandbox, leading globally.
- The Indian user base of The Sandbox has doubled to 350,000 within a year.
- BharatBox received initial funding of $1 million, with an additional $200,000 expected.
- The initiative is planned to be self-sustaining, not requiring further investment.
- Successful ventures such as the sale of 1,060 Indian movie avatars demonstrate market penetration.
Market Dynamics and Future Outlook
Commenting on the broader Web3 market, Borget noted increased interest due to the approval of spot-crypto exchange-traded funds (ETFs) in the US. However, he emphasized that the market has not yet entered a bull phase, as institutional money flow hasn’t led to higher user adoption due to limited retail investor participation. Nevertheless, Borget remains optimistic about Web3 adoption with the development of higher-quality games and platforms like Telegram’s distribution network.
Borget also addressed recent controversies, including the arrest of Telegram CEO Pavel Durov in France over allegations related to illegal transactions and child abuse materials on the platform. He stressed that while privacy is a fundamental right, platforms must cooperate with authorities when serious crimes are involved.
