The Sandbox launches $50M funding for metaverse startup accelerator program
The Sandbox, the virtual world project, has made an announcement that its metaverse accelerator program includes pushing the development of an open metaverse through an investment of $50 million in blockchain startups.
Originally an Animoca Brands subsidiary, the Sandbox is collaborating with the venture accelerator firm Brinc for targeting about 30 to 40 blockchain startups in a year for the funding program.
The Sandbox Metaverse Accelerator Program would reportedly allocate up to $250,000 in investment for each potential project other than giving additional incentives to all the top-performing projects. Included as bonuses are The Sandbox (SAND) digital asset and LAND, digital real estate inside The Sandbox’s metaverse.
Apart from this, the top performing startups would also have access to additional investment grants as well as high-profile mentors.
According to Co-Founder of the Sandbox, Sebastien Borget, the program is proposed to be an expansion of its goal of supporting a new wave of metaverse entrepreneurs. Through this, startups across the globe would be able to make their ideas come to life.
Borget said that they would be especially “eager” in supporting “underrepresented founders” in their aims and ambitions in their journey of exploring the infinite possibilities that are offered into The Sandbox ecosystem.
Applications have been opened for the funding, and the first batch of investments has been scheduled for proceedings by the second quarter of 2022. The program is running within Launchpad Luna, which is a partnership effort by Animoca Brands and Brinc aimed at supporting the development of blockchain-focused tech startups.
The program would support the development of an open metaverse, one that is not owned by a single entity. Animoca Brands Executive Chairman and Co-Founder, Yat Siu said that the open metaverse is set to present an incredible opportunity of creating a participatory as well as collaborative “nonzero-sum environment” that is based on equitability, openness, user governance, and digital property rights.
Apart from just supporting blockchain businesses, the development of the metaverse would also assist the environment in the coming future.
Manav Gupta, Founder and CEO of Brinc, opines that as digital experiences emerge into development, we would find ourselves having even fewer reasons to emit carbon for travelling to work or play.
Gupta believes that this would possibly decrease the demand for physical products, including art and merch that have unsustainable production methods.