The Sandbox's COO & Co-Founder Sébastien Borget is a prominent and influential player in the virtual reality and video game market. Shortly after NFT Paris 2025 Aida Dzhanhirova, from Cultural Singularity, had the opportunity to interview him for the Magazine.

AD: You were at the origin of creating the virtual game The Sandbox in 2011. Your platform continues to evolve, and today, according to various rankings, it holds one of the leading positions in the industry. What sets your gaming platform apart from competitors, and what key advantages have you achieved? How many registered users do you currently have?

SB: Watching The Sandbox evolve and transform over time has been incredible. We are proud to currently have over 6.3 million registered users on the platform, with new users joining every day. There are many properties that set The Sandbox apart, but the decentralization and integration of blockchain-based assets is one of the main differentiators of the platform. Players are in a unique position as they can own what they create, and with a no-code creation tool, the barrier to creation has been lowered. This means anyone and everyone can create their own experiences, and reap the benefits of their creation.

AD: The Sandbox metaverse consists of 166,464 LAND parcels. These parcels are represented as NFTs on the Ethereum blockchain and can be bought, sold, and used by users to create unique content within the virtual world. Who are some of the largest owners of virtual land in The Sandbox?

SB: Virtual land ownership in The Sandbox is central to the user experience. Owners of LAND can range from large brands and IPs like Snoop Dogg, The Walking Dead, BLOND:ISH, and more to creators and investors, who are heavily invested in Web3 and content development. LAND is one of the building blocks of The Sandbox, allowing users to create, build, and monetize content, host experiences, and interact within a shared virtual environment.

AD: What have been The Sandbox's most significant and exciting events recently?

SB: The Sandbox recently celebrated a very successful Alpha Season 4. We had the pleasure of featuring over 100 experiences with 40 major brands and 60 of the best UGC experiences. We saw over 580,000 unique players across those 10 weeks, and it was extremely rewarding to watch our players engage with the content, complete quests and participate in blockchain transactions. We love watching our players discover the unique capabilities and benefits of The Sandbox, and can’t wait to reveal what is next!

AD: In 2024, The Sandbox hosted the Digital Fashion Week project as part of NFT Paris, the largest metaverse event. This collaboration was impressive, as real fashion runway shows were mirrored in the metaverse—a new step in the twins concept. What did your platform gain from this collaboration? What role do you see digital fashion playing in the development of virtual worlds?

SB: The collaboration we did with NFT Paris last year was a highlight, we worked with Dress X to produce an AI modeling mirror where you could try on clothes. We’re excited to be at NFT Paris again this year, to continue to raise awareness about The Sandbox and the industry, and to reach new users through innovative and approachable activations. We’re always looking for the next innovative fashion brand to partner with to create unique experiences that showcase how people can connect with ideas and brands within the metaverse and inspire others.

AD: When I worked at the National Library of France (BnF) as the Chief Metaverse Officer, I regularly informed my colleagues about the opportunities of The Sandbox platform. The French government is committed to enriching its grand cultural heritage by integrating the latest technologies and innovations. What is your position on the heritage? Do you have a vision of how your metaverse could bring French cultural values into its virtual world?

SB: The Sandbox loves to host challenges of cities being rebuilt and reimagined in the metaverse - we previously had a “City Jam” where creators were invited and inspired to build an experience using iconic landmarks from Paris. We recently announced a new City Builder challenge inspired by New York. Watching players from around the world integrate elements of the city’s culture and history into their creations is always amazing.

AD: What are your key predictions for the crypto industry in 2025?

SB: It’s an exciting time to be in the crypto industry—I believe we’ll see more institutional players enter the space in legitimate ways over the next year. Combined with new technological advancements, and real-life applications for blockchain and crypto, 2025 looks very promising for crypto, the metaverse, and The Sandbox.

A new landmark forecast report from UTXO Management and Bitwise Asset Management forecasts a watershed moment in Bitcoin’s financial evolution: over $400 billion in institutional inflows are expected by the end of 2026. Titled Forecasting Institutional Flows to Bitcoin in 2025/2026, the report signals a strategic shift from speculative hype to balance-sheet-backed adoption across major economic actors.

According to the report, institutional players — from public companies to sovereign wealth funds — are now aligning Bitcoin exposure with long-term fiduciary responsibilities, risk mitigation strategies, and monetary diversification mandates.

“We’re entering a new era of Bitcoin adoption—one that is not driven by hype cycles, but by balance sheet fundamentals, sovereign strategy, and long-term fiduciary mandates,”

— Guillaume Girard, Research Lead, UTXO Management

From Thesis to Allocation: The Institutional Playbook Matures

The research outlines a stepwise transition happening across financial institutions and governments. The primary catalyst: Bitcoin is being reclassified not as a speculative asset, but as a long-term store of value capable of offering geopolitical insulation and strategic reserve utility.

Juan Leon, Senior Investment Strategist at Bitwise, emphasized the unfolding supply/demand imbalance:

“A tidal wave of institutional demand is reshaping bitcoin’s market dynamics... Corporate treasuries are boosting returns, sovereigns are diversifying reserves, and wealth-management platforms are opening the gates. Bitcoin is becoming core infrastructure for global portfolios.”

Key Insights from the Forecast

• $120 billion in institutional flows expected by end of 2025
• $300 billion projected in 2026, with total institutional exposure surpassing 4.2 million BTC
• Bitcoin treasury holdings by public companies could exceed 1 million BTC by 2026
• The number of publicly listed firms holding Bitcoin is expected to double within 18 months
• Sovereign adoption on the rise:
• At least five U.S. states and four nation-states anticipated to add BTC to reserves
• Legislation at the U.S. federal and state levels could drive $19 billion in inflows

The Strategic Reserve Era

One of the report’s most notable trends is Bitcoin’s repositioning in sovereign finance. Recent U.S. bills, transitioning Bitcoin from “seized property” to “strategic reserve asset,” reflect this shift. For governments, Bitcoin is increasingly viewed as a non-sovereign monetary hedge—a tool to mitigate exposure to inflation, geopolitical instability, and fiat dilution.

Wealth Platforms and the BTCfi Momentum

With top-tier wealth management platforms rolling out integrated access to Bitcoin ETFs and custodial solutions, investor access is being democratized at scale. This movement is producing a cascade effect—as more firms allocate, the pressure mounts on others to follow.

In parallel, the emergence of Bitcoin-native yield strategies (often called BTCfi) is attracting institutions seeking real yield in a low-growth global environment. These strategies offer Bitcoin holders the ability to earn native returns, driving both retention and deeper capital deployment.

What This Means for the Smart Investor

For capital allocators and forward-looking portfolio managers, the writing is on the wall: Bitcoin is entering its institutional phase, not as a curiosity, but as a cornerstone. The shift is not just quantitative in scale, but qualitative in purpose.

No longer confined to the speculative fringes, Bitcoin is becoming an integral part of the global macro toolkit — a programmable, borderless, and scarce asset that now commands the attention of sovereign desks and boardrooms alike.

Bitcoin has officially surpassed the $100,000 mark, reaching this milestone 15 years after its enigmatic creator, Satoshi Nakamoto, unleashed the concept that would redefine money. The surge comes amidst institutional adoption, regulatory shifts, and President-elect Donald Trump’s pro-crypto stance, solidifying Bitcoin's status as a cornerstone of modern finance.

A Historic Moment

This milestone crowns a year of record-breaking highs, with Bitcoin repeatedly challenging previous benchmarks throughout November. It’s a testament to its evolution from a fringe digital currency to a financial asset commanding global attention.

The Cypherpunk Dream

Born in January 2009 with the mining of its genesis block, Bitcoin embodies the cypherpunk ethos—a decentralized, immutable currency free from the control of centralized authorities. Over its 15-year journey, it has transitioned from an obscure tool for niche transactions to a coveted investment vehicle for institutional heavyweights.

In the last decade alone, Bitcoin has appreciated over 14,250%, becoming a hedge against inflation and a staple for asset managers. The introduction of Bitcoin ETFs this year has further legitimized its place in the financial ecosystem, with Wall Street titans like Goldman Sachs joining the fray.

A Bullish Year for Bitcoin

The cryptocurrency’s rise in 2024 has been driven by several factors:

• ETF Breakthrough: The U.S. Securities and Exchange Commission approved spot Bitcoin ETFs in January, offering a simplified investment route for traditional financiers.
• Institutional Buy-In: Firms like Paul Tudor Jones' Tudor Investment Corporation have increased exposure to Bitcoin via these ETFs, normalizing crypto investments for mainstream portfolios.
• Political Tailwinds: Donald Trump’s unexpected presidential win on November 5 has energized the market. Trump has pledged to bolster U.S.-based crypto mining, establish a Bitcoin reserve, and foster a regulatory environment conducive to growth.

Shaping the Future

With the imminent departure of SEC Chair Gary Gensler, known for his rigorous stance on digital assets, the crypto space anticipates a more supportive era under Trump’s administration. Trump’s nomination of former SEC Commissioner Paul Atkins for the role signals a shift towards regulatory cooperation.

As Bitcoin enters its "golden era," the question isn't just about its next price milestone—it’s about its role in shaping a new global economy.

The United States has solidified its position as a leading hub for innovation in artificial intelligence (AI) and cryptocurrency. This trend underscores a fundamental difference in technological development approaches between the U.S. and Europe, highlighting opportunities for global industries such as fashion to leverage this momentum.

America: The Capital of AI and Crypto

Alex Karp, CEO of Palantir Technologies, often emphasizes America's dominance in AI and cryptocurrency. "America is at the forefront of a revolution we own—the revolution of artificial intelligence," Karp noted. His statement reflects the U.S.'s proactive approach to fostering cutting-edge technologies.

Recent actions by the administration of President Donald Trump have further cemented this position. Trump appointed David Sacks, former COO of PayPal and co-founder of Craft Ventures, as the first-ever AI and Crypto Czar. This unprecedented role is designed to position the U.S. as the global leader in both sectors. “David will create the regulatory framework to provide the crypto industry with the clarity it has long sought,” Trump remarked, signaling a commitment to innovation and investment-friendly policies.

Freedom Fuels Innovation

The American approach to technological advancement is characterized by a focus on entrepreneurial freedom and minimal regulatory constraints. This has created a fertile environment for the growth of startups and tech giants alike. Companies such as OpenAI, Tesla, and Coinbase exemplify this ethos, continuously pushing boundaries in their respective fields.

Contrast this with Europe, where regulatory frameworks like the EU AI Act focus on safety and ethical considerations, often at the cost of slowing down innovation. While these measures aim to ensure responsible tech development, they can inadvertently create hurdles for European companies, limiting their ability to compete on a global scale.

Smart Fashion: The Future of the Industry

In fashion, the future is increasingly intertwined with technology. The concept of Smart Fashion merges AI, Web3, blockchain, and cryptocurrency to revolutionize traditional business models. This approach offers transparency, interconnectedness, and adaptability in the production and distribution of fashion products.

The Paradox of the Fashion Industry

While many European fashion houses face stagnation due to regulatory barriers, political instability, and economic challenges, Smart Fashion presents a path forward. American investments and technologies could combine with European craftsmanship and cultural heritage to create innovative and globally competitive fashion brands.

Hermès, for instance, has grown its market value tenfold in the past decade, largely by embracing digital transformation and sustainability. On the other hand, fast fashion giants like Inditex (Zara) leverage AI-powered logistics systems to maintain their dominance.

"America is in the very beginning of a revolution that we own, the AI revolution. We own it. It should be called the US AI revolution. Every single relevant company in the world is in this country. The second tier of those companies are in this country. The JV team of those companies are in this country. There is no other place at scale to do technology other than America" - ALEX KARP

Synergy of Technology and Culture

The fusion of American technological innovation with European creativity offers a compelling solution for the challenges facing the global fashion industry. This synergy could lead to a new era of sustainable, tech-driven fashion brands that bridge tradition and modernity.

Smart Fashion: A Glimpse Ahead

The Metaverse Fashion Council (MFC) continues to champion Smart Fashion as a transformative movement for the industry. With over 33,000 members on LinkedIn, MFC is a testament to the power of collaboration in building the future of fashion.

Crypto's market cap, now exceeding $3.3 trillion, and Bitcoin's surge to $100,000 reinforce the economic potential of integrating blockchain and decentralized finance into the fashion ecosystem. From talent ranking systems like Talent Score to exclusive digital product passports, the industry is on the brink of unprecedented change.

Conclusion

The future of AI, crypto, and Smart Fashion will be defined by the bold steps taken today. While the U.S. leverages its entrepreneurial culture to lead in technology, Europe must balance regulation with innovation to stay competitive. The integration of these strengths could pave the way for a sustainable, technologically advanced fashion industry that thrives on global collaboration.

Google Cloud is stepping deeper into the blockchain space with the introduction of a new Layer 1 network, the Google Cloud Universal Ledger (GCUL), designed specifically for financial institutions.

Rich Widmann, head of Web3 strategy at Google Cloud, outlined the project in a recent LinkedIn post, describing GCUL as a high-performance, credibly neutral infrastructure layer built to support tokenization and next-generation payment systems.

Built for Finance, Powered by Python

Unlike many existing blockchain platforms, GCUL is distinguished by its Python-based smart contracts, a feature meant to align with the tools already used by global developers and financial institutions. Google positions the ledger as a system that balances performance, security, and neutrality—making it suitable for integration into the highly regulated world of institutional finance.

CME Group Testing the Rails
GCUL is already being piloted by the CME Group, one of the world’s largest commodities exchanges. CME has confirmed it has completed an initial phase of trials using GCUL for tokenization and settlement workflows, with further testing planned alongside market participants in 2025.
The goal is to modernize settlement, collateral, and fee processes, streamlining operations across institutional markets. If successful, a broader rollout could begin in 2026.

A Neutral Alternative
Widmann contrasted GCUL with platforms like Stripe’s Tempo and Circle’s Arc, which are closely tied to their parent companies’ payment systems. By contrast, he emphasized that GCUL is being built as neutral infrastructure, accessible to any bank, payments provider, or financial institution seeking to deploy tokenization at scale.
A Quiet Race for the Next Rails of Finance
The pilot signals a growing race among technology giants and fintech providers to capture the infrastructure layer for tokenized assets and digital settlement. While timelines remain fluid, the collaboration between Google Cloud and CME highlights the accelerating momentum toward a blockchain-powered backbone for institutional finance.

For now, the industry is watching closely: if GCUL delivers on neutrality and performance, it could reshape how global financial markets clear and settle value.

PayPal has introduced PayPal Links, a new feature that allows users to send and receive money through personalized, one-time links. The links can be shared across messaging apps, emails, and chats to simplify peer-to-peer (P2P) transactions.

The new system also integrates cryptocurrency into PayPal’s P2P payment flow. U.S. users will soon be able to send Bitcoin, Ethereum, PayPal USD (PYUSD), and other supported cryptocurrencies directly through PayPal, Venmo, and a growing number of compatible digital wallets worldwide.

PayPal Links are available in the U.S. starting today, with international rollout beginning later this month in the UK, Italy, and other markets.

How PayPal Links work:

• Users open the PayPal app, enter payment details, and generate a unique, one-time link.
• Each link is private, created for a specific transaction, and expires after 10 days if unclaimed.
• Links can be shared across text, direct messages, email, or chat.
• Recipients tap the link and complete the payment within the PayPal app.
• Funds are instantly available in the recipient’s PayPal Balance account once accepted.

Friends-and-family transfers through PayPal and Venmo remain exempt from 1099-K reporting requirements, meaning users will not receive tax forms for gifts, reimbursements, or shared expenses.

PayPal USD (PYUSD), issued by Paxos Trust Company, is fully backed by U.S. dollar deposits, Treasuries, and similar cash equivalents. PYUSD maintains a 1:1 peg with the U.S. dollar and is available through PayPal and Venmo.

PayPal reported that its P2P services, including Venmo, saw a 10% year-over-year increase in total payment volume in the second quarter, with Venmo achieving its highest growth in three years.

The company operates in about 200 markets and continues to expand its offerings in digital payments, crypto integration, and global money movement.

Elon Musk has officially confirmed that X Money — the payments feature integrated into the X platform (formerly Twitter) — will enter early public access next month, in April 2026. In a direct post on X, Musk stated: “𝕏 Money early public access will launch next month.”

This development, reported across major outlets including Reuters, CoinDesk, PYMNTS, and Yahoo Finance, marks a concrete milestone in Musk’s multi-year push to evolve X into an “everything app” encompassing social networking, payments, and beyond. X Payments, the subsidiary behind the service, holds money transmitter licenses in over 40 U.S. states and partners with Visa for account funding and features like peer-to-peer transfers. The platform is expected to offer high-yield balances (previously teased at around 6%), direct deposits, debit card access, and potential expansions into savings, loans, and merchant payments.

The announcement triggered immediate market reactions, with Dogecoin seeing short-term gains amid speculation on crypto ties, though no official confirmation exists yet for native Bitcoin, Ethereum, or Dogecoin integration at launch. Musk has long positioned X as a potential hub for monetary transactions, describing it in prior statements as aiming to become “the central source of all monetary transactions” and potentially rendering traditional bank accounts optional for many users.

Tracing Musk’s Crypto Path: From Early Caution to Institutional-Scale Involvement

Musk’s engagement with cryptocurrency has shifted markedly over the years. Early comments, such as his 2014 remarks downplaying Bitcoin’s utility beyond certain transactions, gave way to more active participation. In 2021, Tesla acquired approximately $1.5 billion in Bitcoin, briefly accepting it for vehicle purchases before pausing due to environmental concerns around mining energy use. Tesla currently holds around 11,000 BTC, while SpaceX maintains holdings estimated at about 8,000 BTC.

Dogecoin holds a special place in Musk’s advocacy. He has repeatedly called it “the people’s crypto,” highlighting its transaction speed and inflationary design (which decreases percentage-wise over time) as advantages for everyday use over Bitcoin’s deflationary model. Tesla accepts DOGE for merchandise, and Musk has made public statements supporting its potential, including lighthearted references to sending it to the moon via SpaceX missions.

Musk’s personal portfolio includes Bitcoin, Ethereum, and Dogecoin. His public commentary emphasizes cryptocurrency’s role as a hedge against fiat inflation and government overreach, while stressing responsible engagement — such as his 2021 assurance of “pumping but not dumping.”

The X Money rollout operationalizes elements of this vision by embedding financial tools directly into a social platform with hundreds of millions of users, potentially lowering barriers to entry for digital assets if crypto features expand.

Intersecting AI and Crypto: Energy as the Core Metric in an AI-Dominated Future

Musk’s companies increasingly link cryptocurrency concepts to artificial intelligence through xAI. Recent developments include xAI’s job postings for roles involving crypto market data to train AI models on trading patterns, on-chain analytics, and risk assessment.

Musk has explicitly connected proof-of-work cryptocurrencies like Bitcoin to verifiable energy expenditure, stating that “Bitcoin is based on energy… it’s impossible to fake energy.” He extends similar logic to other assets and views AI’s massive compute demands — potentially requiring vast new energy infrastructure — as driving a paradigm where “wattage and tonnage will matter, not dollars.” In this framework, energy becomes the ultimate scarce resource and value anchor, with AI potentially rendering traditional fiat less relevant over time.

The xAI-SpaceX merger (valued at $1.25 trillion in recent reports) further enables synergies, such as orbital data centers for resilient AI compute and Starlink for global, low-latency connectivity — elements that could support decentralized financial applications or AI-optimized trading within platforms like X.

Grok models, trained on real-time X data, already demonstrate potential for crypto-related tasks like market analysis or verification. Musk stresses “truth-seeking” AI to counter misinformation, with blockchain offering tools for provenance and authenticity in an era of AI-generated content floods.

Broader Implications and Forward Outlook

X Money’s April 2026 early access phase positions it to compete with established players like Venmo and Cash App by leveraging X’s existing user base for rapid adoption. While starting with fiat-focused features, its architecture leaves room for crypto expansion, aligning with Musk’s ecosystem (Tesla/SpaceX holdings, Dogecoin affinity).

Bitcoin remains below key levels like $70,000, but long-term bulls point to its potential capture of a growing “store of value” market. In Musk’s orbit, X Money could serve as an on-ramp, amplifying accessibility and utility.

This launch arrives at a pivotal moment in the “smart era,” where AI, energy constraints, and decentralized finance converge. X Money represents not just a payments upgrade but a foundational layer for Musk’s integrated vision of social, financial, and intelligent systems.

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