The Sandbox's Largest Market for Creators Is Now India: Co-Founder Sebastien Borget

India has more than 66,000 creators on the Metaverse platform compared with 59,989 creators in the U.S. and 25,335 in Brazil.

India has emerged as Metaverse platform The Sandbox's largest supplier of content creators, with over 66,000 users developing games for the immersive environment. This figure surpasses the 59,989 creators in the U.S. and 25,335 in Brazil.

The Sandbox, a Web3 project, had announced its plans to make India its largest market in December. The platform is now aiming for 1 million users in two years, according to CoinDesk's interview with co-founder Sebastien Borget.

Several projects, run either directly by The Sandbox or with its Indian venture, BharatBox, have largely contributed to this growth. BharatBox is partially backed by CoinDCX, an Indian crypto exchange with about 16 million users.

"India became the No. 1 overall across all countries ... thanks to all the different boot camps and education programs that we've run on the ground, either directly with BharatBox or with some of our partners, like CoinDCX," Borget stated.

BharatBox was initially capitalized with $1 million, and another $200,000 will be deployed by the fourth quarter, according to BharatBox CEO Karan Keswani. While The Sandbox raised $20 million at a $1 billion valuation earlier this year, India didn't need further investment because the venture was designed to be "self sufficient and autonomous," capable of generating its own revenue, Borget added.

"We've proven that India is not like just the tech workforce of the world," Borget said. "We've shown that blockchain projects can be successful by introducing development blockchain but also in the content and entertainment side."

Indicating a successful foray into the nation's cinema industry, 1,060 avatars of the highly successful Indian film, Jab We Met, were sold within two weeks of the collection going on sale.

"I think we are still not in the bull market" in the larger Web3 market, Borget said.

According to him, the industry has seen a rise in interest since the approvals of spot-crypto exchange-traded funds (ETFs) in the U.S., which have brought more institutional money into crypto, but that hasn't translated into more user adoption specifically because it's not retail investors using their savings to put into crypto.

However, strong interest in Web3 adoption has continued because of the emergence of better-quality new games and the messaging service Telegram's distribution network, Borget said.

Borget also commented on the arrest last week of Telegram CEO Pavel Durov in France on charges including being complicit in allowing illicit transactions and the dissemination of child exploitation material on the platform.

"Privacy is a fundamental right but if an application is being used to commit serious crimes, we cannot be neutral and not help the authorities," Borger stated.

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