Animoca Brands’ Metaverse subsidiary, The Sandbox, has funded $50 million (about Rs 375 crore) called The Sandbox Metaverse Accelerator Program as part of a new program for venture capital firm Brink. Seeking to invest and looking to grow startups. The platform’s open metaverse. Growth mentorship, education and support for startups will be a key part of the accelerator, while access to potential partnerships and business development opportunities across The Sandbox, Animoca Brands and Brink’s network will also be on the table.
according to a Press release, the sandbox metaverse accelerator program, is a dedicated track within Launchpad Luna, an accelerator launched in mid-2021 as a partnership between Brink and Animoca Brands. The new program aims to accelerate 30 to 40 startups a year over a period of three years, each with an initial investment of up to $250,000 (about Rs 1.85 crore). The companies said that the best-performing startups will receive grants of up to $150,000 (about Rs 1.10 crore) as well as land grants through sandboxes along with SAND tokens.
The metaverse, or virtual world, that leverages a combination of technology including blockchain and augmented reality, is projected to generate trillions of dollars in the coming years. That’s why Facebook’s parent Meta is expected to dump billions on the new Medium as part of its push to redefine its narrow social ad revenue model.
According to the release, the performance of startups within the program will be judged on their traction, technical expertise and their ability to “deliver unparalleled experiences”.
“Sandbox’s Metaverse Accelerator is a great extension of our ongoing commitment to supporting the next generation of Metaverse entrepreneurs,” said Sébastien Bourget, Co-Founder sandbox And said the president of the Blockchain Gamer Alliance. “With imagination, ideas and hard work, startups around the world can realize their vision and increase social impact by creating more opportunities for all. We are especially dedicated to supporting underrepresented founders in their ambitions. are looking forward to as they explore the endless possibilities that the sandbox ecosystem offers,” he said.
Meanwhile, Animoca Brands Executive Chairman and Co-Founder Yat Siu commented on the announcement, saying, “Open metaverse will not be owned by any single entity and thus presents an incredible opportunity to create a participatory and collaborative non-zero environment based on openness, equality, user governance and digital asset rights.”
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