The Sandbox is eyeing India as its top market thanks to its partnerships with CoinDCX and Okto.
A platform for the metaverse The Sandbox, a wholly owned subsidiary of metaverse gaming and venture capital powerhouse Animoca Brands, entered the Indian market early this year via a joint venture with a local firm. The company plans to make India its biggest market over the next two years.
“We started out in India a year ago to establish a joint venture with the vision of building a diverse and inclusive world with no borders, bringing different regions of the world together,” Sandbox Co-Founder Sebastien Borget told CoinDesk in an interview. Borget was speaking in Bengaluru, a city in southern India.
As a result of a partnership established in February 2023 between The Sandbox and Brinc, a worldwide startup accelerator, BharatBox was born, a cultural metaverse center for India that includes Bollywood, the country’s renowned Hindi film industry.
“The Indian entity of The Sandbox is BharatBox,” said Karan Keswani, CEO of BharatBox. As far as the Sandbox map is concerned, “BharatVerse” represents India.
Its plans for the Indian market coincide with calls from legislators for the Web3 sector to separate itself from cryptocurrency. Following India’s imposition of heavy taxes in 2022, the country’s cryptocurrency business entered a state of survival. A Web3 gaming giant’s decision to enter the Indian market despite regulatory concerns demonstrates the country’s potential as a gaming hub and developer hub of choice.
Three of India’s finest film culture companies Eros Entertainment, Hungama, and Shemaroo are among the 25 Indian partners that BharatBox has secured in the last six months. The only collaboration that Keswani believes could propel India into the biggest market for The Sandbox is with CoinDCX, a well-known exchange in India.
“We are able to reach their 16 million users through our strategic ecosystem partnership with CoinDCX and the Web3 wallet Okto,” Keswani said. “There are five million wallets in The Sandbox worldwide. Our prediction is that within 24 months, with the help of CoinDCX and Okto, we will have onboarded three to four million players via their Okto community; at that point, India would be The Sandbox’s biggest market.”
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