The Sandbox NFT Game Launches $50M Metaverse Accelerator
The Ethereum-based Sandbox nonfungible token (NFT) and Metaverse project has launched a $50 million accelerator program in partnership with Animoca Brands and Brinc.
The incentive will invest as much as $250,000 into around 100 projects over the next three years according to the announcement. Leading Metaverse and NFT game investor, Animoca Brands and global venture firm Brinc will also be playing a part.
Top-performing projects will receive additional investments of as much as $150,000 in SAND and LAND token grants. The Sandbox Metaverse Accelerator Program is scheduled to start in Q2, 2022.
Into The Metaverse
The Jan. 26 announcement added that the program will “invest in, mentor, educate, and support” the development of “promising startups and projects.” It will also provide access to potential partnerships and business development opportunities from its growing network.
Blockchain startups in the fields of digital art, collectibles, culture, entertainment, gaming, media, content, and streaming, have been encouraged to apply to the program.
A number of individuals and high-profile mentors have pledged support in addition to leaders from Altitude Games, Binance, Dragonfly Capital, Republic Crypto, and True Global Ventures.
Sebastien Borget, the co-founder of The Sandbox, commented that the program is a major commitment to support “the next generation of Metaverse entrepreneurs,” before adding:
“With imagination, ideas and hard work, startups from all over the world can realize their visions and drive societal impact by creating more opportunities for everyone.”
Co-founder of Animoca Brands, Yat Siu, added that the open Metaverse will not be owned by any single entity. Therefore, it presents an “incredible opportunity to create a participatory and collaborative nonzero-sum environment based on openness, equitability, user governance, and digital property rights.”
The Sandbox is a subsidiary of Animoca Brands and one of the industry’s leading decentralized virtual worlds. Launchpad Luna, on which the program will run, is an accelerator launched in mid-2021 as a partnership between Brinc and Animoca Brands.
SAND Price Outlook
The Sandbox’s native token, SAND, has not really reacted to the news having lost 3.4% on the day. SAND was changing hands for $3.11 at the time of writing following a painful 40% slump over the past fortnight in line with the wider crypto-market decline.
The token is currently 63% down from its Nov. 25 all-time high of $8.40. It is the third-largest Metaverse token in terms of market cap with $2.8 billion which ranks it after Axie Infinity (AXS) and Decentraland (MANA).