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Sandbox has announced a $50 million funding to launch its metaverse accelerator program. The company is also targeting about 40 blockchain startups a year for the program, in partnership with venture accelerator firm Brinc.
Sandbox Will Allocate $250,00 For Each Project
Each potential project will be allocated $250,000 in investments, while additional incentives will be given to top-performing projects.
The bonuses include digital real estate and the Sandbox digital asset (SAND) within the platform’s metaverse. Additionally, the best-performing startups will also be given additional investment opportunities through high-profile investors and grants.
Co-founder of Sandbox, Sebastien Borget, noted that the program is an expansion of the company’s objectives to offer support to a new breed of metaverse entrepreneurs. It wants to make sure that startups across the globe can make their ideas come to life.
The First Batch Will Go Live In Q2 2022
Borget added that the company is interested in supporting the underrepresented founders who are looking to explore the opportunities the Sandbox ecosystem offers.
According to the report, Sandbox has started receiving applications for the project and the first batch is set to go live in the second quarter of the year.
Also, the program will be running within Launchpad, which is a collaborative effort by Animoca Brands and Brinc. The firms are also into the support and development of startups to enable them to find their bearings in the market.
The program also supports the development of an open metaverse. Executive Chairman and Co-founder of Animoca Brands, Yat Siu, also commented on the development. He stated that the open metaverse is offering a huge opportunity to create a collaborative and participatory nonzero-sum environment based on user governance, equitability, and openness.
While supporting businesses is the main reason behind the development of the metaverse, it will also help the environment in the long run, according to founder and Chief Executive Officer of Brinc, Manay Gupta.
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