With a new partnership with leading Web3 company The Sandbox, eSports, lifestyle, and media company FaZe Holdings Inc (NASDAQ: FAZE) is heading to the metaverse.
The decentralized metaverse business The Sandbox, a division of Animoca Brands, has announced a partnership with North American gaming and esports organization FaZe Clan.
Through this agreement, FaZe Clan will establish a virtual territory called FaZe World and enter the metaverse. The release states that FaZe and Sandbox will collaborate to develop new revenue streams while also hosting events and experiences in FaZe World.
The partnership for "Faze Clan into metaverse" includes:
What Happened: FaZe Clan announced a partnership with The Sandbox, a brand owned by Animoca Brands that is based in the metaverse. The FaZe Clan will sell land around its "FaZe World" 12x12 plot (144 parcels) of land in The Sandbox as part of the deal.
The company said, "The partnership is FaZe Clan's official first step into the metaverse."
The Sandbox and FaZe Clan will work together to make experiences in the metaverse. These experiences could include virtual events, games, and the release of digital products. These things should happen in 2023.
The company said that the new virtual world could also lead to a "game-ified FaZe World."
"The public will be able to buy digital real estate in the Sandbox LANDs that surround FaZe World. This is a once-in-a-lifetime chance for FaZe Clan fans to live next door to one of the biggest gaming and media companies in the world."
The Sandbox has more than 400 partnerships with famous companies and people, such as Ubisoft, Warner Music Group, Gucci, Snoop Dogg, Adidas (ETR:ADSGN), Steve Aoki, Care Bears, Atari, and The Smurfs.
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Why it's a big deal: FaZe Holdings said that the new partnership could help the company find new ways to make money.
FaZe Clan CEO Lee Trink said, "With FaZe World and our partnership with The Sandbox, our fans who are already digital natives can experience FaZe Clan in a more immersive way."
The Sandbox is a leader in the metaverse and virtual world, and it has its own token called Sandbox (CRYPTO: SAND). The company said that its mobile platform is used by more than 40 million people.
When The Sandbox and creators worked together in the past, NFTs like the one from Snoop Dogg were made.
FaZe recently went public through a SPAC merger and said it would work to make money off of its many fans. The company had signed deals with MoonPay and other cryptocurrency-related companies, and it also signed deals with large companies like McDonald's Inc. (NYSE: MCD).
At the time of this writing, the price of FaZe Holdings shares has gone up 6.73 percent to $14.44.
