A leading eSports, lifestyle, and media firm known as FaZe Holdings Inc (NASDAQ: FAZE) has entered into a collaboration with another leading Web3 company known as The Sandbox to expand its operations into the metaverse.
What Actually Occurred: FaZe Clan made an announcement about forming a collaboration with The Sandbox, a metaverse brand that is owned by Animoca Brands. As part of the agreement, the FaZe Clan will conduct a land sale surrounding the "FaZe World" plot of land that spans 12 by 12 squares and has 144 individual parcels.
According to a statement released by the firm, "the alliance signifies FaZe Clan's formal debut foray into the metaverse."
The Sandbox and FaZe Clan will collaborate in order to co-produce experiences that take place within the metaverse. These experiences may take the form of virtual events, video games, or the launch of digital products. It is anticipated that these will take place in 2023.
According to the corporation, the newly created virtual environment may also result in the creation of a "gamified FaZe World."
Fans of FaZe Clan will have a once-in-a-lifetime opportunity to be neighbors with one of the world's greatest gaming and media enterprises when "The Sandbox LANDs around FaZe World will be available for individual digital real estate transactions by the public."
More than four hundred organizations and celebrities, including Ubisoft, Warner Music Group, Gucci, Snoop Dogg, Adidas (ETR:ADSGN), Steve Aoki, Care Bears, Atari, and The Smurfs, have collaborated with The Sandbox to create exclusive content for the platform.Why It's So Significant: According to FaZe Holdings, the new alliance has the potential to open up new revenue channels for the company.
According to FaZe Clan CEO Lee Trink, "with FaZe World and our cooperation with The Sandbox, our already digitally native fans can experience FaZe Clan in a fresh and engaging way."
The Sandbox is a pioneer in both the metaverse and the virtual world; it even has its own coin, denoted by the cryptocurrency symbol SAND. According to the corporation, its mobile platform has been installed on more than 40 million devices.
NFTs, such as the one from Snoop Dogg, have been the result of previous partnerships between The Sandbox and creators.
FaZe has recently gone public through a merger with SPAC, and the company has stated that it will strive to monetize its massive fan base. The company had inked arrangements related to cryptocurrencies, such as one with MoonPay, and had expanded on deals with large companies, such as one with the leading fast food brand McDonald's Inc. (NYSE: MCD).
At the time of this writing on Thursday, the price of a share in FaZe Holdings had increased by 6.73 percent to $14.44.
