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.

Jan 27, 2022 at 12:00 a.m. UTC
Updated Feb 3, 2022 at 7:42 p.m. UTC

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

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.

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.”

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.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

Trending

1
CoinDesk - Unknown
Terra lanzaría su snapshot esta semana: cómo serán distribuidos los 'nuevos' LUNA

El suministro de tokens en la nueva blockchain será de poco más de $116 millones, dijeron los desarrolladores.

El suministro de tokens en la nueva blockchain será de poco más de $116 millones, dijeron los desarrolladores.

CoinDesk - Unknown
2
CoinDesk - Unknown
Binance to Advise on Crypto Strategy as Kazakhstsan Looks to Boost Industry

The country known as a bitcoin mining hub is trying to attract more crypto firms and broaden the industry.

The country known as a bitcoin mining hub is trying to attract more crypto firms and broaden the industry.

CoinDesk - Unknown
3
CoinDesk - Unknown
Why Is South Korea Throwing Money at the Metaverse?

South Korea’s “Digital New Deal” is flooding the country’s tech industry with billions of dollars in grant money in the hopes of creating 2 million new jobs. This article is part of "Metaverse Week."

South Korea’s “Digital New Deal” is flooding the country’s tech industry with billions of dollars in grant money in the hopes of creating 2 million new jobs. This article is part of "Metaverse Week."

CoinDesk - Unknown
4
CoinDesk - Unknown
As Bitcoin Price Slides, Older Mining Rigs Are Becoming Less Profitable

Even as Bitcoin's mining difficulty adjusts downward, the price trend might spell a crisis for retail miners. On the other hand, it could be an opportunity for those looking to buy rigs.

Even as Bitcoin's mining difficulty adjusts downward, the price trend might spell a crisis for retail miners. On the other hand, it could be an opportunity for those looking to buy rigs.

CoinDesk - Unknown