The Sandbox announces $50M fund for its startup accelerator program
Project for a virtual world The Sandbox announced its metaverse accelerator program, which would invest $50 million in entrepreneurs to accelerate the development of the open metaverse. The Animoca Brands subsidiary is teaming up with Brinc, a venture accelerator, to choose 30 to 40 blockchain startups for the program each year.
Each possible idea will get up to $250,000 in funding from the Sandbox Metaverse Accelerator Program, with top-performing initiatives receiving extra incentives. The Sandbox (SAND) digital asset and LAND, digital real estate within The Sandbox’s metaverse, are among the benefits. Aside from that, the most successful firms will have access to additional funding and high-profile mentors.
According to Sebastien Borget, co-founder of The Sandbox, the initiative is an extension of the organization’s mission of assisting a new generation of metaverse entrepreneurs. Startups all across the world can use this to bring their ideas to life. “We’re particularly excited to support underrepresented founders as they explore the endless possibilities given by The Sandbox ecosystem,” he stated.
Applications are now being accepted, with the first round of investments expected to begin in the second quarter of 2022. The initiative is part of Launchpad Luna, a joint venture between Animoca Brands and Brinc that aims to help entrepreneurs grow.
The initiative encourages the creation of an open metaverse, one that is not controlled by a single entity. The open metaverse “presents a tremendous chance to establish a participatory and collaborative nonzero-sum environment built on openness, equitability, user governance, and digital property rights,” according to Yat Siu, co-founder and executive chairman of Animoca Brands.
Apart from assisting businesses, the metaverse’s growth may also benefit the environment in the long run. “As digital experiences grow, we will find ourselves having fewer reasons to generate carbon to travel for business or enjoyment,” says Manav Gupta, the founder and CEO of Brinc. According to Gupta, this could reduce demand for physical things such as art and merch using unsustainable production processes.