Adding that considerations are ongoing and details such as the size and valuation could be subject to change based on market sentiment and investor demand.
The news comes less than six months after the platform raised $93 million in a Series B round led by SoftBank's Vision Fund 2. According to Crunchbase, other previous investors have included True Global Ventures, Square Enix, Galaxy Interactive and Angelhub.
The Sandbox, released on iOS, Android and Windows, allows users to create their own universe inside the game using different elements. In 2018, Hong Kong-based NFT digital property firm Animoca Brands acquired Pixowl, the original developer and publisher behind The Sandbox.
At the time of its Series B fundraise in November, The Sandbox chief operating officer and co-founder Sebastien Borget said in an interview with Reuters that the latest round is poised to help the firm expand the metaverse economy beyond just gaming.