The Sandbox Has Launched a $50 Million Metaverse Accelerator Program

The Sandbox Metaverse Accelerator Program will be added as a track to Animoca and Brinc's existing Launchpad Luna alliance in 2021.

The Sandbox Has Launched a $50 Million Metaverse Accelerator Program

Photo Credit: The Sandbox/ Animoca Brands

The Sandbox is a subsidiary of Animoca Brands, one of the metaverse' biggest investors

Highlights
  • Startups won't be required to build within The Sandbox virtual world
  • The program is looking for startups that can enhance the open metaverse
  • The program will attempt to accelerate 30 to 40 startups per year
Advertisement

Animoca Brands' metaverse subsidiary, The Sandbox, has committed a $50 million (roughly Rs. 375 crore) fund, named The Sandbox Metaverse Accelerator Program, to venture capital firm Brinc as part of a new program seeking to invest in and mentor startups building beyond the platform's Open Metaverse. Mentorship, education, and support of the development for startups will form a major part of the accelerator, while access to potential partnerships and business development opportunities across the networks of The Sandbox, Animoca Brands, and Brinc will also be on the table.

According to a press release, The Sandbox Metaverse Accelerator Program is a dedicated track within Launchpad Luna, the accelerator launched in mid-2021 as a partnership between Brinc and Animoca Brands. The new program aims to accelerate 30 to 40 startups a year over a three-year period with initial investments of up to $250,000 (roughly Rs. 1.85 crore) each. Best performing startups will also receive further grants of up to $150,000 (roughly Rs. 1.10 crore) in SAND tokens as well as LAND grants via The Sandbox, the companies said.

The metaverse, or virtual worlds leveraging a combination of tech including blockchain and augmented reality, is projected to earn trillions of dollars in the coming years. It's also why Facebook's parent Meta is expected to dump billions on the new medium as part of its push to redefine its narrow social ad revenue model.

Performance of the startups within the program will be judged on their traction, technical expertise, and their ability to “deliver unique experiences,” according to the release.

“The Sandbox's Metaverse Accelerator is a major expansion of our ongoing commitment to support the next generation of metaverse entrepreneurs,” Sebastien Borget, co-founder of The Sandbox and chairman of the Blockchain Gamer Alliance, said. "With imagination, ideas and hard work, startups from all over the world can realise their visions and drive societal impact by creating more opportunities for everyone. We're especially eager to support underrepresented founders in their ambitions as they explore the infinite possibilities offered into The Sandbox ecosystem," he added.

Meanwhile, Yat Siu, executive chairman and co-founder of Animoca Brands, commenting on the announcement said, "The open metaverse will not be owned by any single entity and thus presents an incredible opportunity to create a participatory and collaborative nonzero-sum environment based on openness, equitability, user governance, and digital property rights."


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Xiaomi 12 Pro Appears on US FCC, Geekbench, HTML5Test; Global Launch Expected Soon
Ahead of Budget Session of Parliament, a Timeline of Everything That Happened Around India’s Crypto Bill
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »