The Sandbox Announces $50M Accelerator Program For Promising Ventures
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- The application process for the accelerator program has begun.
- Launchpad Luna will serve as the program’s operational hub.
The Sandbox, an Ethereum-based crypto game, has emerged as one of the early competitors in the industry as buzz about the upcoming metaverse rises. An accelerator program for metaverse projects has been developed by The Sandbox, which will provide funding and mentorship for entrepreneurs.
The Sandbox has joined hands with Animoca Brands, a major investor in the metaverse and NFT gaming, and global innovation accelerator Brinc and has pledged $50 million to fund up to 100 firms working to create an open and interoperable metaverse. Over three years, the program hopes to collaborate with between 30 and 40 companies each year.
Brinc founder and CEO Manav Gupta sees metaverse platforms as a method to reduce the carbon footprint imposed on physical objects that may have unsustainable manufacturing practices.
Incentives And Unique Opportunity
With the Sandbox Metaverse Accelerator Program, The Sandbox will invest up to $250,00 for promising initiatives, with extra incentives for the most successful ones. Projects that meet the criteria for the incentives will have the opportunity to work with well-known mentors and get additional funding. $SAND tokens and $LAND rights, two digital assets in The Sandbox’s metaverse, will be given to blockchain businesses that expand on its platform for up to $150,000.
A new generation of metaverse entrepreneurs will be fostered, according to The Sandbox co-founder Sebastian Borget, via the accelerator program.
Borget said:
“We’re especially eager to support underrepresented founders in their ambitions as they explore the infinite possibilities offered into The Sandbox ecosystem.”
The application process for the accelerator program has begun, and the first investments will be made in Q2 of 2022. Launchpad Luna, a joint venture between Animoca Brands and Brinc, will serve as the program’s operational hub.
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