The article shared by
@pangu does a great job at providing "The Compelling Case for NFT Gaming".
Worth reading in full as it provides a transparent calculation of the market opportunity.
"Multiplying the implied in-game revenue per player with the estimated range of Metamask MAUs in 2023E gives us a range of c.$1bn - $5bn in yearly serviceable obtainable market size with a player base of c.20-100mm by 2023E"
If blockchain gaming becomes more mainstream (e.g. user base of 500 million +), then it doesn't require overly complex economic modelling to illustrate that the big blockchaining gaming companies might be able to secure billion dollar revenue streams.
With the global number of gamers set to reach 3 billion in the next couple of years, 500 million blockchain gamers by 2030 could be highly conservative.

The article also provides an example categorisation of four generations of NFT games. The SandBox is categorised as a 2nd gen game.

One take-away, is that Animoca need to capture market share during the third generation hyper growth phase. If they don't have some blockbuster games by this stage, then the 100 bagger growth opportunity will have been lost. As once the big boys start to enter, competition will be intense.
It does support Animoca's intent to spend/ invest the cap raise funds very quickly.
If all went to plan, then one could speculate that this might lay the ground for a future cap raise (early 2022?) to secure funds in the magnitude of US$200-300 million. Even these types of sums could prove to be small fry in a few years, as the opportunity is so huge.
An important caveat, however, is that it's just an opportunity at this stage. The risks remain high. The companies that execute the best will command US$20+ billion valuations, but there will be hundreds of relative failures, including many unicorns. Lots of venture capital money will get squandered, it's just the nature of the beast.