Virtual world project The Sandbox, together with Animoca Brands subsidiary and global venture accelerator Brinc, has set aside $50 million to invest in up to 100 startups working on an open, interoperable metaverse.
The Sandbox Metaverse Accelerator Program will invest up to $250,000 in each potential initiative, with additional incentives given to top-performing projects.
The Sandbox (SAND) digital asset and LAND, digital real estate within The Sandbox's metaverse, are among the benefits. Aside from that, the high-profile mentors will be eligible for further investment grants and high-profile mentors.
According to The Sandbox Co-Founder Sebastien Borget, the initiative is an extension of the organization's mission of assisting a new generation of metaverse entrepreneurs. This allows startups all across the world to bring their ideas to life.
"We're especially eager to support underrepresented founders in their ambitions as they explore the infinite possibilities offered into The Sandbox ecosystem," said Borget.
Applications are now being accepted, and the first round of investments is expected to begin in the second quarter of 2022. The initiative is housed within Launchpad Luna, a joint venture by Animoca Brands and Brinc that aims to support the growth of startups.
The initiative has dozens of mentors from the crypto and gaming sectors, including members of The Sandbox team, Animoca Brands Executive Chairman Yat Siu, Yield Guild Games co-founder Gabby Dizon, Kabam co-founder Holly Liu, and Lympo co-founder and CEO Ada Jonuse.
"as digital experiences develop, we will find ourselves having fewer reasons to emit carbon to travel for work or play," said Manav Gupta, the founder and CEO of Brinc.