The Sandbox Pledges $50m to Metaverse Startups

Rory Greener

The Sandbox's Metaverse Accelerator Program aims to launch more than 30 blockchain startups

Analysis
The Sandbox Pledges $50m to Metaverse Startups

The Sandbox, a community-driven eCommerce Metaverse, announced this week a programme to support startups seeking to develop solutions on its platform.

The company’s accelerator fund will spread $50 million across 30 to 40 blockchain startups each year, starting in 2022. Leading the accelerator fund is Brinc, a venture capital and accelerator firm that focuses on providing “game-changing” startups with the funds needed to introduce new ideas and emerging technologies.

Additionally, the programme is led by Launchpad Luna, a funding initiative spearheaded by Animoca Brands and Brinc.

The fund will help The Sandbox platform to grow, according to Sebastian Borget, Co-Founder of The Sandbox, who said,

“We’re especially eager to support underrepresented founders in their ambitions as they explore the infinite possibilities offered into The Sandbox ecosystem”

The Sandbox’s Accelerator Program will invest up to $250,000 into potential projects and award further funding to well-performing projects in the future.

Development teams working on blockchain-focused projects are eligible to receive up to $150,000 worth of $SAND tokens — The Sandbox’s official cryptocurrency.

Additionally, blockchain projects can also receive $LAND rights, which gives developers ownership over digital real estate on The Sandbox.

Currently, the Accelerator Program is open to applications and The Sandbox team will announce the first series of successful projects in the second fiscal quarter (Q2) in 2022.

Growing Crypto and Digital Asset Trends

Metaverse platforms such as The Sandbox represent a remote solution that allows individuals to meet friends or co-workers digitally, despite their real-world location, which introduces a great, green, benefit,” Manav Gupta, Founder and Chief Executive of Brinc said, adding,

“As digital experiences develop, we will find ourselves having fewer reasons to emit carbon to travel for work or play”

In addition to environmental benefits, Metaverse platforms like The Sandbox support massive eCommerce opportunities for individuals and brands.

Late last year, rap icon Snoop Dogg took part in the eCommerce opportunity by opening sales of roughly 122 LANDs and 67 premium LANDs digital real-estate plots on The Sandbox. Also, the musician sold premium LAND and Snoop Dogg-themed NFTs as part of the promotion.

The news comes after reports from ARK Invest — a trusted asset management firm — revealed that the popular Ethereum cryptocurrency was expected to reach $170,000 to $180,000 per token by 2030, with the cryptocurrency’s market gap potentially exceeding $20 trillion by the end of the decade.


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