Leading eSports, lifestyle and media company FaZe Holdings Inc (NASDAQ: FAZE) is headed to the metaverse with a new partnership with leading Web3 company The Sandbox.
What Happened: FaZe Clan announced a partnership with The Sandbox, a metaverse brand owned by Animoca Brands. The deal includes the FaZe Clan doing a land sale around its 12x12 plot (144 parcels) of land inside The Sandbox named "FaZe World."
“The partnership marks FaZe Clan’s official inaugural entry into the metaverse,” the company said.
The Sandbox and FaZe Clan will work together to co-produce experiences inside the metaverse that could include virtual events, games and digital product releases. These are expected to happen in 2023.
The new virtual world could also lead to a “gamified FaZe World,” the company said.
“The Sandbox LANDs surrounding FaZe World will be available for individual digital real estate purchases by the public, giving FaZe Clan fans a once-in-a-lifetime opportunity to be neighbors with one of the world’s largest gaming and media organizations.”
The Sandbox has more than 400 partnerships with leading companies and celebrities including Ubisoft, Warner Music Group, Gucci, Snoop Dogg, Adidas (ETR:ADSGN), Steve Aoki, Care Bears, Atari and The Smurfs.
Related Link: FaZe Clan Hits The Public Market: What Investors Should Know
Why It’s Important: FaZe Holdings said the new partnership could create new revenue streams for the company.
“Through FaZe World and our partnership with The Sandbox, our already digitally native fans can experience FaZe Clan in a new immersive way,” FaZe Clan CEO Lee Trink said.
The Sandbox, which has its own Sandbox (CRYPTO: SAND) token, is a leader in the metaverse and virtual world. The company said it has more than 40 million mobile installs of its platform.
Past partnerships with The Sandbox and creators have led to NFTs like the one from Snoop Dogg.
FaZe went public via SPAC merger recently and said it would work on monetizing its large fan base. The company had signed cryptocurrency-themed deals including one with MoonPay and expanded on large company deals like one with top fast food brand McDonalds Inc (NYSE: MCD).
FAZE Price Action: FaZe Holdings shares are up 6.73% to $14.44 on Thursday at publication.
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