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The Sandbox Looks to Boost Metaverse Startups With $50M Incubator Program
The Animoca Brands subsidiary has committed to invest $250,000 in up to 40 metaverse projects each year over the next three years.
By Eli Tan
Updated May 11, 2023, 7:14 p.m. Published Jan 27, 2022, 12:00 a.m.
Metaverse darling The Sandbox is launching a $50 million incubator program in partnership with venture accelerator Brinc.
The company announced Wednesday the program will invest up to $250,000 in 30–40 metaverse startups each year over a three-year period. Top performers of the program will also be awarded up to $150,000 in SAND and LAND token grants.
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The program’s first cohort will be announced sometime in early Q2. The program runs three months in duration, with applications currently open. It comes at a time when usable metaverse experiences are still in their nascency.
“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, said in a press release. “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.”
Read more: Consultants Are Entering the Metaverse – Literally
The Sandbox is a subsidiary of Animoca Brands, one of the metaverse industry’s most active investors.
Animoca Brands raised a $360 million funding round earlier in January, valuing the firm at $5.5 billion, more than double its $2.2 billion valuation from last October.
The firm also led a $130 million Series B for Brinc in December to boost the company’s expansion into Web 3 gaming.
The Sandbox’s SAND token was up nearly 6% over the past 24 hours, to $3.50 as of press time, with an upward climb starting at about 4:00 UTC.
UPDATE (Jan. 27, 14:23 UTC): Adds SAND price action.
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