Virtual world project The Sandbox announced its Metaverse Accelerator program, which will accelerate the development of the open Metaverse by investing $50 million in startups. Subsidiary Animoca Brands is working with venture accelerator firm Brinc to attract 30 to 40 blockchain startups to the program annually.
The Sandbox Metaverse Accelerator program will allocate up to $250,000 in investment to each potential project and provide additional incentives for high-performing projects. Bonuses include The Sandbox digital assets (SAND) and LAND, digital properties within The Sandbox metaverse. In addition, the top-performing startups get access to additional investment grants and high-calibre mentors.
According to Sebastien Borget, co-founder of The Sandbox, the program is an extension of his goal to support a new wave of Metaverse entrepreneurs. This allows startups around the world to bring their ideas to life. “We’re particularly excited to support underrepresented founders in their ambitions as they explore the endless possibilities offered by The Sandbox ecosystem,” he said.
Applications are now open and the first investments are expected to be made by the second quarter of 2022. The program runs as part of Launchpad Luna, a collaboration between Animoca Brands and Brinc aimed at supporting the development of startups.
The program supports the development of an open metaverse, the metaverse not owned by any single entity. According to Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, the open Metaverse “represents an incredible opportunity to create a non-zero-sum, participatory and collaborative environment based on openness, equality, user governance and digital ownership.”
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Aside from helping businesses, developing the metaverse can also help the environment in the long run. Manav Gupta, the founder and CEO of Brinc, believes that “as digital experiences continue to evolve, we will have fewer reasons to emit carbon to travel for work or leisure”. Gupta says this can reduce demand for physical products like art and merch that have unsustainable production methods.
